Is Remodeling a Kitchen Worth It?
You're probably thinking of remodeling your kitchen and you're wondering, how much should you spend. Well, there are two approaches you can take....
The first approach is if you want to spend more that five years living in the house. In that case you would want to spend as much as you can afford and get the upgrades that you want and get to the aesthetics that you wish. The second approach is if you're trying to sell or flip a house. In this case you want to spend as much as you can and still get maximum return on investment. You still want to renovate the things that are going to have the most impact on your kitchen.
In the US homeowners spend more than $400 billion on house renovations and repairs each year according to the 2019 Remodeling Impact Report by the National Association of Realtors Research Group.
A kitchen really could be the selling factor of a house, it can make or break a deal. The material you choose can really dictate how fast and for how much your house sells in todays market. The faucets and cabinets are the first parts to get outdated in a kitchen therefore they are the most popular renovations, and with new cabinets comes new counter tops. The material of the counter top will increase the likelihood of selling your house if you choose what is in style today.
"Quartz is also going to give you more ROI because it won't date itself quickly" H-Millard says.
In the case of a backsplash, ceramic and porcelain tile are preferred instead of glass, quartz, etc. Also a different faucet can really make the whole kitchen feel more expensive and luxurious. Choosing a faucet that makes a statement, that is different can most definitive add value to the whole kitchen. And if your considering to go all the way and changing the flooring too go with hard wood, it is preferred over stone or engineered wood.
In general you could recoup 50%-70% of your overall investment on your kitchen. What would you renovate next on your kitchen? Is it the cabinets and counter tops? Or the flooring? Let us know in the comments if you're planning on renovating your kitchen soon.