“Oh, don’t worry about the cost; you’ll make it back with the added value when you sell.” How many times have you heard a local contractor, a real estate agent, or some other home improvement project professional tell you this line, especially with a kitchen remodel? They aren’t necessarily wrong depending on the renovation cost and if you can stick to a set budget. But with the ideas and costs being endless, this will require some serious discipline and a long-term strategy.
A kitchen remodel can be the most impactful home improvement project to a prospective buyer. A clean, freshly designed kitchen screams of possibility and can trigger a buyer’s emotional response, getting you the added value you were seeking on your property. But on the other end, a dated, tired-looking kitchen can be a major red flag, sending that buyer right out the door.
If you decide to take on a home improvement project, to maximize the return on your investment, you must set a strict budget at the project onset. A remodel can be as simple as a fresh coat of paint and replacing cabinets or potentially as complex as tearing down walls and installing new electrical. As you can imagine, this complexity can vary drastically. To start, it’s always helpful to find the website of a local contractor to get an idea of what type of project you want to take on and to see how the renovation cost is in your specific area.
Once you have a sense of the ideas and costs associated with your vision, it’s time to set realistic goals. Is this kitchen remodel to sell the property, or is this an opportunity for you to create the kitchen of your dreams for your family? The answer to this question will drastically change the strategy of this remodel. If it is strictly to sell, focus all of your time and energy on finding cost-effective materials that are popular and well-received, well-priced labor, and appliances that will require minimal modifications to electrical, plumbing, or structural components to your kitchen. But if it’s for your dream kitchen, take the time to research the best options that will fulfill that fantasy, like going to local showrooms or remodeling conventions to get a better sense of what the options are.
Regardless of your choices, if you can stay within a set budget you are likely going to get the return on your investment that you are seeking when you decide to sell your property.