When it comes to renovating a kitchen, there are plenty of things to consider – which cabinets will look the nicest without costing an arm and a leg? Which countertop material will best hold up to the daily grind? Perhaps the most important consideration among these has to do with your project’s return on investment. Determining ROI is tricky business – a variety of projects are rated as “the best” for resale value every year, and splurging on the wrong materials or personalizing a space too much can put your ROI in the red.
Determining ROI is tricky business – a variety of projects are rated as “the best” for resale value every year, and splurging on the wrong materials or personalizing a space too much can put your ROI in the red. Houselogic crunched a bunch of numbers, and found that minor kitchen remodels are consistently seen as smart investments with positive returns. To make sure you get the most out of your project, check out these kitchen remodeling ROI secrets from top real estate agent and property expert Ivan Estrada.
Minor kitchen remodels are consistently rated as one of the renovation projects with the best ROI. Source: Lifehacker.com
Go light on the personalization
When it comes to resale value, it’s important to appeal to the widest range of potential buyers possible. That means the mural or bright colors you would love for your cooking space may not be the best choice. “Having a kitchen that is neutral in color will attract a wider audience when selling,” Estrada said. “One that is specific in color, design, materials, and finishes is more difficult to sell to a broader audience.”
Make sure you’re consistent
“Making sure that the design of the kitchen matches the design of the home is also very important,” Estrada said. “If it is a modern home, then it should have a modern kitchen. If it’s a traditional home, then it should have a traditional kitchen, etc.” Estrada also said that open-concept kitchens with an abundance of light appeal to many potential homebuyers.
Think about what the space needs
Trying to see your kitchen objectively can be difficult, but doing so can help you assess what it really needs. “Adding a skylight or extra windows can add more value to a dark and gloomy kitchen very quickly,” Estrada said. If your kitchen is looking a bit dated, opt for modern finishes that Estrada notes are very popular with modern house shoppers – Caesarstone, quartz, marble, and stainless steel appliances are on the top of the list.
Think about today’s homebuyer
According to Estrada, there are a number of upgrades that today’s prospective homebuyers are looking for, such as:
- Touchscreen technology on appliances.
- Hidden appliances or appliances with smart gadgets.
- Creative backsplashes using multiple types of materials that add warmth or flare to a kitchen.
- Geometric designs in kitchens, moving away from curves and rounded edges toward sleek lines and sharp edges that add a modern and updated touch.
Know that bigger isn’t always better
Sure, your kitchen may be the size of a city apartment (or larger), but that doesn’t necessarily mean you’re in the money when it comes to resale value. “It’s all about functionality. It depends on the homeowners’ perception of value and what they need from their kitchen,” Estrada said. “It depends on their lifestyle – do they cook or do they not? Is it a large family or are they single? Do they entertain or not?” Since knowing how the people at your open house use their kitchens is pretty much impossible, make sure that the layout is functional; that it has nice, neutral finishes; that all appliances are working; and that the space is spotless.