Home renovation projects are a popular topic today. Cable television is filled with programs and entire networks that are dedicated to home renovations. They show homes going through upgrades, which can make audience members want a similar transformation in their own dwellings. Kitchen renovation projects are particularly compelling – but are they worth the investment, in terms of the hassle of months without a working kitchen and the damage they can potentially have on your savings or home equity. Let’s go through some of the pros and cons of this major change to your home.
To be sure, a kitchen renovation can transform your home. Some friends of mine transformed their home simply by switching their kitchen around. The original layout was a narrow galley. They swapped the sink and appliances and got rid of the wall above the new sink, creating an island that was 12 feet long. That opened up the kitchen so that you could see into the large living/dining space, making socializing much easier to do. What had been a cramped space was now friendly and comfortable, and adding the island doubled the storage on that side of the kitchen to boot.
The renovation project cost just over $40,000 – and that with tile flooring that is unique – and was available on clearance. The biggest costs came from the work that had to take place underground (such as moving a gas line) as well as that large granite countertop. So the costs can be significant – plan to spend between $25,000 and $30,000 if you are using mid-grade finishes, and plan to spend as much as $100,000 if you want the appliances, the cabinetry and other touches to be high-end.
Why you should renovate your kitchen now
There was a time when appliances came in a wide variety of colors. There was also a time when bell bottoms were a trendy fashion choice. Neither of those times is now. If you want a modern, clean space with light, airy touches, a kitchen renovation can make all the difference.
When you update your kitchen, you can plan to get a great deal of that money back when you sell the house, even when the market isn’t all that hot. Most buyers want updated kitchens (because they do not want to have to spend all that money themselves), and they are willing to pay on the higher end if the kitchen renovation included many of the touches they would have used themselves.
As long as you keep the renovation within the aesthetic confines of the neighborhood, you should get your investment back – the kitchen is the best room to renovate when it comes to getting a return. If you are in a modest neighborhood filled with starter homes, then don’t expect to get your investment back on a commercial oven and granite countertops, for example. If you stay consistent, you should get at least 80 percent of your investment back when you sell the house.
Why you should wait for that kitchen update
We’ve already mentioned this a couple of times, but the kitchen is the costliest room in the house for renovations. The flooring, appliances, cabinetry and countertops are all expensive.
Also, expect to have your life disrupted for a while. If you don’t think that the kitchen is an important room, try to go 24 hours without entering it. My friends who renovated their kitchen did not have access to the space for almost three months. They were able to roll the refrigerator into another room, but they did all their cooking on an air fryer and the grill. That might not sound so bad, but doing dishes without a kitchen sink or a dishwasher is a major headache. Yes, they went through a lot of compostable paper plates and bowls.
Does every kitchen renovation have to be so expensive?
There are some ways that you can save money on the project. If you’re going all stainless with your appliances but already have a stainless steel dishwasher that you like, why get another one? For your new appliances, take a look at floor models at showrooms. There is usually a discount available, especially when the retailer is ready to move onto the next season’s models. Also, you can visit warehouses for appliances that have sustained some damage in the manufacturing or shipping process. Even if the dent(s) are on the back (and out of sight), the price will be less, so that can be worth your time.
Can you tear out your own cabinets? You don’t have to be particularly handy to do this, and you can take one day to do what would cost you a few days’ worth of labor charges in most cases. You can also save on labor by doing your own painting in the new kitchen and hauling the construction debris to the trash.
There are many different levels when it comes to your countertop. Even if you’re committed to granite, that surface comes in five different levels of quality. Unless you’re a trained granite evaluator, your guests will most likely not be able to tell whether you bought a 2 or a 5 at the store. Because of this, the lower grades tend to produce a higher return on investment, because you are getting the same bump in your sale price without having had to spend as much money on the slab.
Finally, make choices in your renovation that will stand the test of time. The apple wallpaper that you’re tearing out? Put up a clean, black and white backsplash. That banana-yellow refrigerator? Replace it with one that is white, black or stainless steel. This way, you won’t be as tempted to redo this project in ten years. Instead, you’ll have a once-in-a-generation kitchen.
Having a hard time getting bank financing for your kitchen renovation (or your basement renovation)? Amansad Financial has helped many clients get the funding they need for renovation projects from private and other non-traditional sources. See if you pre-qualify at this link: https://amansadfinancial.com/prequalification/ for an assessment that will not show up on your credit report. We look forward to helping you today!