Kitchen renovations are becoming increasingly popular because of the rise in high-tech appliances, which help make food preparation easier and more convenient. However, homeowners are often afraid of doing such renovations in fear of their costs outweighing their potential return on investment. Which kitchen renovations help increase house value and attract more buyers?
One of the things that homeowners keep in mind when doing renovations at home is how it can affect its house value when the time comes for them to sell off their property. As previously reported here on Realty Today, certain projects can help boost the selling price of a home; therefore, it would be wise if renovation costs would be focused on these areas.
A fiberglass attic was found to yield a 100 percent ROI, as more people are attracted to buy homes, which help save energy and increase comfort for the family. The findings also revealed that major renovations such as a bathroom remodel only gave a 57.5 percent ROI.
While the said report did not mention anything about kitchen renovations, the same rule can be applied. According to Realtor.com, major renovations done in the kitchen, such as an open floor plan, were found to have a lower return on investment.
"While open floor plans remain a popular choice among buyers, the return on investment for tearing down a wall to create a great room isn't as high as other kitchen renovation projects," said Melanie Cameron of Coldwell Banker Sea Coast Advantage.
It would then be wiser to invest on other kitchen renovation projects such as allocating money on new appliances, as these would attract more buyers.
Aside from this, installing a new kitchen sink and opting for quartz countertops also go a long way in terms of increasing the house value. It may also be great to have your kitchen keep up with the changing times by having charging stations in your kitchen.
