How much does a kitchen remodel increase home value 2020?
A Kitchen Remodel’s Return on Investment (ROI)
A kitchen remodel is always a popular choice for improving the look and function of your home. A minor kitchen remodel, which typically costs around $20,000, has an 81 percent national average ROI. The national average ROI for major kitchen remodels with midrange finishes is 59 percent. Major kitchen remodels with upscaled finishes have a national average ROI of around 54%.
So, which type of kitchen renovation is best for you? It all depends on your budget and the type of finish you want. Every remodel, regardless of cost, will increase the value of your home. So, if you’re ready to update your kitchen, start planning now!
The Various Types of Kitchen Remodels
Kitchen remodels are a popular way to update your home, and they can have a significant impact on the value of your home. The following are the various types of kitchen remodels, their associated costs, and the expected increase in home value:
1) Major Kitchen Remodel: This is a more extensive renovation than a standard update, and it may include updates to the flooring, walls, cabinets, appliances, counters, and lighting. According to TheKitchenSource.com, a major kitchen remodel typically has a return on investment (ROI) of around 50%.
2) Minor Kitchen Remodel: A minor kitchen remodel typically includes flooring, cabinet doors and drawer fronts, countertops and backsplashes, appliances, and lighting updates. A minor kitchen remodel has a 30% ROI on average.
3) Bathroom Remodel: A bathroom remodel can include updating the flooring, walls, cabinet doors, and drawer fronts, countertops and vanities, fixtures like bathtubs and showers, and towel racks. An average bathroom remodel may have an ROI of 50% or higher, depending on the size of the project.
4) Bedroom/Study Room Renovation: A bedroom/study room renovation may include updates to the flooring, walls, ceiling fans, or air conditioning systems, cabinetry, countertops, paint or fabrics, window treatments, and furniture.
The Price of a Kitchen Renovation
Kitchen remodels can be costly, but they also have the potential to significantly increase the value of your home. The national average ROI for minor remodels is around 20%, which means that for every $10,000 you spend on a remodel, your home could be worth an extra $2,000 after the work is completed. The cost of a kitchen remodel, on the other hand, will vary depending on the size and scope of the project. The following are some of the typical costs associated with a kitchen remodel:
–Design fees: These fees typically cover the cost of developing a renovation design plan, which may include architectural drawings and 3D renderings of the proposed renovation.
-Builder fees: This category includes both the costs of hiring a contractor to complete the project as well as any additional materials or services required to complete the job correctly.
-Materials: Depending on the size of the project, you may need to buy dozens or even hundreds of individual items like flooring, cabinets, countertops, appliances, and so on.
-Labour: In most cases, labor charges account for 25% to 50% of total project costs. This includes professionals such as installers and decorators, as well as handymen who must repair broken parts along the way.
