How Do You Define Value?

Will your remodeling project increase your home's value? On a day-to-day basis, this is, by far, the most persistent question we field at MKBD. We're happy to speak value--and we're happy to discuss precisely how a remodeling project can increase your home's value. Before we answer this question, however, we must talk about "value."

So how do you define value?

Most people who ask the value question are thinking, simply, of resale value. And often, this is the sort of value "experts" speak about when they attempt to answer this question.

We put "experts" in quotes here for a simple reason: many so-called experts answer this question incorrectly.

"Many projects do add value to your home, and improve your family’s quality of life," writes Heather Levin of Money Crashers. She continues: "Most people consider the kitchen to be the heart of the home, and because of this, updates in this room pay off. According to HGTV, you can expect to recoup 60%-120% of your investment."

This is not true. Not only does HGTV not say this; it is simply not true. The scourge of the Internet: randomly quoted numbers without any real source.

So do not believe anyone who tells you, straight-out, that a remodeling project will increase your home's value. If a prospective remodeling company tells you this, run for the hills.

Call MKBD, instead. We'll tell you the straight facts.

Do not let any remodeling professional sell you on bogus claims about value. Instead, define value for yourself. In this MKBD project, our clients intended to live in this house for years to come. Their project, then, was an investment in years of increased efficiency and happiness.

So here's the straight facts:

Many remodeling projects do not increase your home's resale value--at least not when compared to the expense of the project itself. At best, for most projects, you should plan to recoup a certain percentage of your initial expense. Here's what Investopedia has to say about resale value:

"The return on investment (ROI) of any given renovation project is a function of local market characteristics, the condition of the residential real estate market when the property is sold and the quality of the work performed. Historically and on average, certain projects, such as the addition of a wood deck, kitchen and bathroom upgrades and window replacement, have shown the greatest ROI...However, unless the remodeling project is designed to fix a structural issue or design flaw, it is unlikely that a homeowner will earn back more than the cost of construction."

If you want the lowdown on the actual ROI numbers, we suggest taking a look at the most recent "Cost vs. Value" report from Remodeling.

According to the nationally respected site, Remodeling, the most recent "Cost vs. Value" report for nationwide home improvements shows a 67.8% cost recoup for "major" kitchen remodeling projects, and an 79.3% cost recoup for "minor" kitchen remodeling projects. Those numbers are down from last year's report, which showed a 74.2% recoup for a major project and 82.7% recoup for a minor project.

At MKBD, we specialize in "major" kitchen remodeling projects. In this project, everything is brand new, from the cabinets to the powerful oven. With such an investment, the true value must exceed mere financial considerations.

So how do you define value? The answer to this question is unique to each homeowner. And this is why the answer is so crucial. By answering this question, you will set a template for a truly valuable project.

Our suggestion? Instead of focusing on re-value, look to the lifestyle benefits of your remodeling project. How would you like to change/improve your life?

For more, please read: "The Top Three Lifestyle Benefits of a Kitchen Remodeling Project."

Clean and cool: this two-tone Shaker-inspired kitchen is perfect for entertaining. A joyful dinner party is certainly a valuable benefit of remodeling.

Free In-Home Remodeling Estimate

If you have any questions about your next remodeling project, please feel free to call MKBD for an individualized consultation. Let's talk bathroom design and more! Call now! 215-355-4747. Better yet, check out our Free In-Home Remodeling Estimate on this very blog!

The Top Three Lifestyle Benefits of a Kitchen Remodeling Project

Increased home value is often cited by media reports, and homeowners, as the top benefit of a kitchen remodeling project. In reality, a kitchen remodeling project might not increase your home's value--at least not appreciably or immediately. The numbers tell a different story.

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.

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.

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!

Less is More: A Beautiful Kitchen is a Clutter-Free Kitchen

Spring is here and we're thinking about change! Now is the perfect time to consider a kitchen remodeling project--especially if you're lucky enough to receive a tax refund. But is a kitchen remodeling project right for you?

Most people believe that a kitchen renovation, or really any home remodeling project, will inspire happiness as well as increased home value. Of course, we tend to agree. Yet, we encourage our clients to think deeply about exactly why they wish to perform a project. 

Often, when investigating our client's impulses, we discover a thirst for change that might not be adequately quenched by a mere home remodeling project. Your kitchen remodeling project, might very well change your life, but we believe the true value is more simply stated: a new kitchen will make your life easier.

And with the ease afforded by a new kitchen, who knows, you might just have the time to learn a new hobby, or commence an exercise regime, or write that novel.

So how exactly can a kitchen renovation can make your life easier? Well, look at your kitchen now. What do you see? Is it clean and organized? Many homeowners contact Master Kitchen & Bath Design (MKBD) for this simple reason: clutter.

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.

So what's the solution? Do you need to renovate your entire kitchen? Well, again, take a look at your kitchen. Does each element of your kitchen serve an actual purpose?

Of course, in the past, designers have included extra space, like additional counter tops or cabinets, to make kitchen designs that can easily house additional supplies and appliances. Yet we've learned from experience that additional space is not really the solution.

It is not necessary for every square inch of your kitchen to offer a space for supplies and appliances. In fact, a fundamental truth of professional kitchen often applies to home kitchens: the less available counter and cabinet space the better!

An MKBD original project: Note how this Montgomery County family opted for an expansive feeling with more floor space

Let us repeat: the less available counter and cabinet space the better!

Yes, you read that right. Of course, space is great, but only when you're using that space efficiently. In our experience, most homeowners use extra space to store needless extra supplies and appliances. How about that juicer you haven't used in six years? Or that fancy pasta-maker? Extra space sometimes creates an anxiety to buy more appliances. More space can lead to more clutter!

This guy makes fresh pasta each week. If you're not like this guy, why do you have a pasta maker?

Now, smart homeowners might use extra space to their advantage by adding a decorative vase with bright flowers or by simply leaving the space clear and clutter-free. Unused kitchen space can create a bright, expansive feeling (like the kitchen pictured above).

But most people are just convinced that they need more storage space. Again, the problem often isn't the amount of space. No! The true problem is the inefficient configuration of the existing space. And this is why so many people need a kitchen renovation: the old kitchen is configured poorly for the modern lifestyle; it's cluttered, making each and every kitchen task an inefficient nightmare.

In an inefficient kitchen, cooking is harder, cleaning is harder--life itself is harder.

We've met many sorrowful homeowners who've learned to deal with this situation by avoiding the kitchen at all costs! A sad state, indeed. The kitchen should be the hub of your house activity. In most homes, the kitchen is the most communal of all rooms. So if you're avoiding your kitchen, it might just be time for a renovation.

Just remember: a beautiful kitchen is a clutter-free kitchen! And it's all about efficiency.

Part of the beauty of this Montgomery County kitchen is the efficiency: there's plenty of well-designed storage space, and no clutter!

Today's designers and manufacturers offer fitted and accessorized cabinet and drawer interiors that maximize even the smallest nooks and crannies. Truly efficient cabinets and drawers expand kitchen space, increasing accessibility and convenience. But to get a better idea of how you might use your kitchen space, you should consult a professional.

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!

 The average cost of a professional kitchen designer is $130-$170 per visit. For this reason, before beginning your kitchen remodeling project, we suggest acquiring an estimate from a professional home remodeling company. An estimate should be FREE and should tell you all the details you might not already know. A home remodeling company is a one-stop shop for all your home remodeling needs.