Not only will a kitchen remodeling project provide great enjoyment for your family, but it also makes sense from an investment perspective.
Kitchen remodeling continues to be the #1 interior home improvement project that will increase your home's value. On average a custom kitchen renovation project will return almost 75 - 100% on your investment when the property is sold. According to Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard University, that’s because not all remodeling projects are created equal. "People buying a house look first at kitchens and baths."
Each year Remodeling Magazine creates an annual remodeling cost vs. value report about investment returns on various home improvement projects. The 2010 – 2011 survey estimated that homeowners could recoup about 69 percent of their kitchen remodeling costs of a major kitchen project and about 73 percent of a minor kitchen upgrade as a national average on a mid-range home. This means that a homeowner who spends about $10,000 on a kitchen remodeling project could return about $8,400 of the costs when they sell the house. In addition, the project helps to make the residence more attractive to potential buyers. This is a perfect example of a win/win situation… and great return on investment.
For many families, today's kitchen has become the hub of the home. It is a vital area that serves a variety of functions and we spend a good amount of time there. Homeowners need their kitchens to be well-organized and functional to facilitate all of the activities that take place there. This is why the kitchen is such a valuable part of the home and the logical area to invest in.
So, if you plan to live in your home for the foreseeable future, you can enjoy the fruits of your kitchen remodeling project for many years and still recover most of the costs involved in the job when you finally do decide to put your home on the market.