When it comes to thinking up sure-fire ways to add real value to your home, you may already be musing along the lines of doing a full kitchen remodel. However, before you simply tear up your existing kitchen plan, it may be wise to reflect on whether or not this will truly add value to your property. There are many important factors that you should keep in mind as you plot your next move. These include the present value, as well as the style and age of your home, among many other criteria.
When It Comes To Kitchen Remodeling, Perception Is On Your Side
Remodeling your kitchen can be one of the most lucrative ways to add real value to your home. Kitchen remodels add value because, when it comes to estimating how much a homeowner might have spent on the project, most potential home buyers tend to overestimate. Perceived value of a remodeled kitchen is one commonly committed error that will certainly be to your advantage when it comes to settling on an asking price for your home. Since, in this case as well as many others, perception soon becomes reality, the more expensive your remodeling job seems to be, the more you can use it to drive up the ultimate price of your property.
How Much Value Can A Kitchen Remodeling Job Add To Your Home?
There is no easy way to estimate how much extra worth a kitchen remodeling project will add to your home. However, the general rule of thumb seems to fall in the vicinity of a very impressive figure: 82.7 percent ROI. Meaning if you spent $10,000 on the remodel, if might increase the value of your home by $18,270. This number is only a representation a major remodeling project can add to your home – it does not mean that you will be guaranteed this amount of return on your initial investment. The best way to find accurate numbers is to look at comps in your neighborhood.
What Factors Influence The Ultimate Value Of A Kitchen Remodeling Job?
There are a number of factors to keep in mind when designing your new kitchen which will decisively influence the ultimate amount of value that a kitchen remodeling project will bring to your home. For example, if you add a modern styled kitchen to a Victorian or Colonial-era home, the discrepancy between the new area and the rest of your property will tend to detract from, rather than add to, your home’s value. Likewise, signing off on a $50,000 kitchen remodel will not necessarily add lots of value to a home that is only worth $150,000, to begin with.
Keep Your Kitchen Remodeling Project Within Practical Bounds
In the end, it’s best to proceed with a practical sense of what can be achieved via a kitchen remodel. If you’re looking for ways to add to your home’s value, it’s certainly one of the most effective courses of action. However, you need to weight the cost of such a project against the anticipated rise in the value of your home. This way, you’ll be delighted, rather than disappointed, when the final figures come in. Feel free to contact Royal Palm Closet for expert advice on how you can remodel your kitchen to add the most value to your home.
Royal Palm Closet
12830 Metro Parkway – Unit 10
Fort Myers, FL 33966
(239) 768-2391
