High-ROI Kitchen Renovations: 5 Ways to Upgrade Your Kitchen
Posted by Lauren Schneider on Tuesday, September 14th, 2021 at 8:04am.
When homeowners plan carefully, kitchen upgrades can be a great investment. Many people assume that a costly kitchen overhaul brings the best return on investment (ROI), but sometimes, expensive projects can yield small returns. People who are looking for the best ROI often find minor kitchen remodels the way to go. When looking at the costs recouped, minor kitchen remodels yield up to 80% ROI, while high-end kitchen upgrades only yield between roughly 53%–57%. Modern and functional kitchens add enjoyment and practicality while giving a pleasant aesthetic. Read on to learn about five kitchen upgrades that boost home values without breaking the bank.
Quick Fix: Replace the Sink and Faucet
A new sink and faucet can easily transform a kitchen and make daily tasks much easier. Look for a larger and deeper single sink to increase the functionality of the space. Pull-down extensions and touch-free faucets look better and are more convenient to use. Many kitchen faucet types can improve the look of any kitchen. These simple installations immediately bring a dated kitchen into the 21st century, and the money spent is easily recouped.
Maximize Space with an Open Floor Plan
Many older homes have a kitchen that's isolated from the rest of the house and have a single entryway to the dining room. Taking down the wall between the kitchen and dining room gives it an airier feel, opens up the house, and is more appealing to today's buyers. Homeowners can get a 54% to 60% ROI for removing a wall. If the previous design was functionally obsolete, it could also fetch a better price when it's time to sell the home.
Out With the Old Countertops
Old laminate countertops can be difficult to keep clean and are unpleasant to use. Not to mention, they scratch and stain easily. Changing out the countertops and replacing them with either quartz, granite, or even modern laminate improves optics and tends to bring a decent ROI. The return is primarily seen when the house sells because it looks cleaner and newer. In the meantime, homeowners enjoy an improved quality of life, thanks to the higher utility of upscale countertops.
Reface, Don't Replace Worn Cabinets
Installing new kitchen cabinets can be quite pricey. While all-new cabinets add a pleasing look and aesthetic to the kitchen, the same result can be gained by simply resurfacing or refacing cabinets. As long as the existing cabinets are in good shape and are functional, the cabinets can be sanded and painted—a quick home improvement for DIYers and professionals alike.
Updating existing cabinets through refacing costs significantly less than a replacement job. Options for refacing include wood veneers, plastic laminates, rigid thermofoil, and solid wood. Or homeowners can resurface cabinets by sanding down and adding a new stain or paint and cut costs even more. Add updated hardware to cabinets to finish the look. Refinishing existing cabinets yields the same result as new cabinets do, but homeowners gain a huge advantage: they get the same value for a much lower cost.
New Appliances Are Low Waste and High Value
New appliances are an easy upgrade, and the cost is quickly recouped. Look for ENERGY-STAR rated models, which are efficient upgrades that add value. Kitchens and bathrooms are two of the rooms scrutinized during a home inspection, and shiny new appliances go a long way towards catching buyers' eyes. Invest in matching appliances for the best possible ROI. Remember, pricey gourmet kitchen appliances are nice, but the steep price isn't easily recouped.
Invest in the Heart of Your Home
A functional kitchen is essential to every home. Occupants and guests cook, gather to eat, and spend quality time together. These five upgrades can yield a strong ROI and greatly improve the existing kitchen, especially if it's outdated. Other nice minor additions homeowners can consider include tile backsplashes, a new floor, and updated LED lighting. The cost of a major kitchen renovation deters many people from making smaller upgrades that actually yield higher gains, but there's plenty of budget-friendly home improvements out there for homeowners who take the time to look.