Kitchen Renovation- Thinking about the Resale Value of Your Home

Any major renovation project is as much of an emotional investment as it is a financial investment. It is just natural to want to put your own personal touch on the project, but adding too much of your own style can actually hurt the resale value of your home. If a potential buyer comes in and sees a kitchen or bathroom that is completely opposite of their own personal tastes, they will start thinking about the added expenses required to fix what you just built. This is why it is important to add some personal touches to make your kitchen unique, but to still keep it neutral enough to appeal to the masses. Homeowners who care about the resale value of their home should choose more neutral colors for floors, countertops and cabinets, using easily changeable paint and always use accessories to infuse personality.

Too many personal touches can certainly affect the value of your house, but so can over or under spending on the renovation. Someone who spent an average $10-$15,000 refacing cabinets, replacing countertops and installing new cook tops would recoup an estimated 98.5% of the cost on an average if the home sold within a year, whereas someone who spent $81,552 on an upscale tear-everything-out-and-replace-it remodel, would recoup 84.5% on an average. Prior to starting your project, make sure you do some research on houses comparable to yours that have recently been sold. While a $81,000 kitchen renovation on a $900,000 home may be justified, spending the same amount on a $300,000 house may mean that you are throwing money out the window when it comes time to sell your house.

Another important tip to follow with any remodeling project is to consistently use materials of the same quality. If you are doing a higher end remodel, installing laminate countertops would just detract from look of the kitchen. Along those lines, don't install really expensive fixtures in a budget remodel... you will never see the return on your investment. Potential home buyers will have specific expectations for different home price ranges. It is important to know what the market is looking for and modify your project to those expectations. I real estate agent can be a great resource to find out how your remodel will be received by home buyers.

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