According to the nationally respected site, Remodeling, the most recent "Cost vs. Value" report for nationwide home improvements shows a 74.2% cost recoup for "major" kitchen remodeling projects ($54,909), and an 82.7% cost recoup for "minor" kitchen remodeling projects ($18,856).
What do these numbers mean?
Put simply, depending on the size and value of your home, you might pay 10-25% of your home’s value for a high-quality kitchen remodeling project, and in today’s housing market, you can expect to yield a return on investment of 74%--83%.
So a kitchen remodeling project will not necessarily increase home value. But these numbers can be seen as financially beneficial, especially if you plan to enjoy the benefits of your new kitchen before you sell your home.
One way to view the financial benefit of a kitchen remodeling project is to consider the cost of the project minus the value recouped: this is your real cost.
For major kitchen remodeling projects, then, the average cost of $54,909 would translate to a real cost of $14,167. ($54,909 - 74.2% = $14,167).
For minor kitchen remodeling projects, the average cost of $18,856 would translate to a real cost of $3,263 ($18,856 - 82.7% = $3262).
Viewing your kitchen remodeling project this way, you see the long-term benefits of making a change. And "change" is certainly the operative word here. Beyond "value," in our experience at MKBD, many homeowners cite "lifestyle change" as the top motivation for a kitchen remodeling project.
No doubt, a a new kitchen remodeling project can be a life-changing event. A quality project can transform the look and feel of your home. A new kitchen can make life easier, relieving stress, and increasing happiness. By making your life easier, a new kitchen can even help you stay healthier: with a new kitchen you will be inspired to cook more, and home cooking is the healthiest option.
So why are you reading this post?
Are you thinking about a kitchen remodeling project?
Here's our suggestion: Instead of fixating on home value, focus on the tangible lifestyle benefits. If you're thinking about making a change, consider how these benefits might apply to your unique situation.
The Top Three Lifestyle Benefits of a Kitchen Remodeling Project
1. Happiness
There's a reason that Pharrell William's recent hit, "Happy" is so popular. After several years of dour economic numbers and sorrowful worldwide news, many people just want to be happy.
And yes, at MKBD we've seen this benefit with nearly every kitchen remodeling project: project after project, our homeowners continue to report increased happiness.
So when planning the logistics of your project, try not to forget this crucial benefit: happiness. Before you even begin planning your project, try to imagine how your kitchen remodeling project might ease stress, inspire family communion, and change the mood of your entire home. By doing so, you might just conjure a tangible template for your kitchen style.
2. Renewal
Too many homeowners waste their hard-earned free time cooking and cleaning in cramped kitchens with antiquated fixtures and dysfunctional appliances. An old, stodgy kitchen can transform even the most resourceful cook into a take-out addict.
If you love cooking, but you've somehow lost your love for the fine art, don't blame yourself! The problem just might be your stuffy kitchen.
A major kitchen renovation is the essence of renewal.
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| For this "major" kitchen renovation in Fort Washington, PA, we gutted the entire room and replaced everything. Our expert team of installers removed everything down to the studs, and then installed a new radiant heat floor system in conjunction with new porcelain tile. New maple cabinetry created an upscale finish. |
The above photo is a dramatic presentation of renewal. But you don't necessarily need to gut your kitchen A change can be achieved quite easily, certainly within the limits of the "minor" kitchen remodeling project noted above.
Simply updating old appliances can inspire a welcome return to the life of the kitchen. A new range, for example, can reignite your love for cooking. A new dishwasher or sink might even reveal a Joy of Dishwashing.
But a kitchen renewal need not be all about appliances. Without changing the essential layout of your kitchen, you can install new cabinets. A a new paint job can work wonders for the look and feel of your space. And a kitchen island can provide much needed prep space as well as a sitting area for your guests.
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| In this MKBD project, a new kitchen island anchored a harmonious renewal. |
3.Efficiency
If you're like most home cooks, you constantly battle for kitchen space. Inevitably, most older kitchen become crowded with the home's junk. A new kitchen layout is the best way to optimize your available prep and storage space.
New cabinets can provide appreciably more space to store your appliances and pots and pans. As noted above, a kitchen island can provide much-needed prep space.
Remember, a beautiful kitchen is a clutter-free kitchen:
Over years of home ownership, most kitchens tend to accumulate more and more stuff. Of course, more stuff means less space, and the problem is magnified by a poorly-designed kitchen. Believe it or not, a great deal of today's kitchens were not designed to accommodate the appliances and fixtures so elemental to modern life. This is why we call a kitchen outdated: it no longer suits the lives of people living now. The problem, quite simply, is clutter.
To de-clutter your kitchen, focus on the necessities. Include only what you need in your kitchen layout. As we say at MKBD, less is often more!
FREE In-Home Remodeling Estimate!
If you have any questions about your next kitchen remodeling project, please feel free to call MKBD for an individualized consultation. Let's talk budget and more! Call now! 215-355-4747.
Better yet, check out our Free In-Home Remodeling Estimate on this very blog!
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