Are you looking to increase the resale value of your house? In that case, remodeling your kitchen to give it a more modern and fresh look is one of the best ways to achieve that. One of the primary reasons why a kitchen has such a significant impact on the value of a house is because the kitchen is one of the most important rooms in the house, and therefore it subsequently also has a substantial impact on the decision of potential buyers.
Most people want to buy a house that not only has a beautiful kitchen, but also a functional one. That is probably because of the inception of households, the kitchen is perceived to be the center of all home activities, with cooking and eating both taking place in this room.
It is also very important to understand what exactly resale value is, before diving into the manners in which the overall resale value can be increased through kitchen improvements. The resale value of your house is the proportion of the money spent on remodeling that you hope to get back after selling the house.
If you are looking to improve the overall resale value of your place, there are a number of elements you can upgrade. However, replacing your old kitchen cabinets with new ones is one of the best places to kick-off your kitchen refurbishment process.
What Impact Do Kitchen Cabinets Have On Resale Value?
Kitchen cabinets have an important impact on the consequential resale value of your house due to a number of reasons, such as:
Kitchen Cabinets Can Date Your House
If you walk into a house, looking at old and rusty kitchen cabinets will probably propel you to perceive the house as very dated. That may not always be true as oftentimes the color and style of your cabinets play a significant role in creating a rather outdated perception.
One of the safest options to go for when selecting kitchen cabinets are white and blue kitchen cabinets. This is because these cabinet colors have actually been chosen for years by interior designers, and they never seem to fade out of trend.
In addition to that, you can also emphasize on your cabinet styles to give a more modern look, which will also subsequently increase the overall resale value of your home considerably, as buyers are often willing to pay relatively higher amounts for modern looking places.
If all this is rather confusing for you and you are unsure regarding what choices to make for your kitchen, you can also employ the help of an expert realtor who will help you save time and money by guiding you towards choosing timeless and modern cabinet styles for your kitchen.
Kitchen Cabinets Are A Very Noticeable Part Of Your Kitchen
When a potential buyer walks into your kitchen, one of the first things that they see is the set of cabinets. It is therefore very important that this gives them a good first impression- because well, first impressions last, right?
Old cabinets create a perception as if the kitchen has been well-worned out and used, and probably does not have a lot of lifetime ahead of it. Hence, the thought of having to spend on refurbishing the kitchen after spending a hefty amount on the house itself is likely to put off many buyers.
Instead, if your kitchen boasts a cabinetry of new, modern and fresh-looking pieces of carpentry, it will leave a positive impression on buyers. This sentiment will also subsequently associate a positive feeling among buyers when they enter the kitchen and would perhaps propel them to even make the final call on buying the house, where they would be able to create their own memories.
New Cabinets Are More Functional And Low Maintenance
When considering the more economical side of things, buyers will certainly perceive a kitchen that is almost falling apart and requires constant maintenance as an overall expensive house to acquire, making it not a good option for their hard earned investment.
This again supports the notion that potential buyers are more willing to prefer a kitchen with a new set of cabinets to one with old cabinetry. Therefore, replacing your old cabinets with a fresh set will help address that and also give your house a new and fresh feeling.
Other Kitchen Remodeling Tips
As we mentioned earlier, there are also other ways in which you can remodel your kitchen to subsequently increase the overall resale value of your place. Here are some tips for remodeling your kitchen:
- Change the countertops to more modern designs
- Get new kitchen appliances
- Install a kitchen island
- Replace the lighting, kitchen sink, faucets alongside other minor hardware
Budgeting and Return On Investments (ROI)
When remodeling a house with the aim of reselling it, cost is one of the most important factors. One aspect that needs to be considered is the potential long-term benefits that can be acquired from the remodeling.
The average cost of a mid-grade kitchen remodel starts from $30,000, and remodeling a complete house would cost a lot more than that. Therefore, it can be determined that if all that investment is not able to yield good returns, the remodeling strategy would be pretty useless from a financial perspective.
Hence, to minimize costs and maximize the profits while remodeling, you need to have a plan of action and a budget in place before getting started.
It should always be kept under consideration that the amount of money you can get from reselling your house will depend on a few factors such as:
- The general value of the houses in the neighborhood
- The quality of the remodeling project
- The initial value of your house itself
Some general budgeting tips to keep in mind are:
- Spend a huge portion of your money on the more permanent aspects of the house, such as cabinets and kitchen appliances.
- Do not overspend on remodeling. A good rule to follow is the 5 – 15% rule, which states that you can spend more than 5% of the value of your house on the remodeling process, but not more than 15% of the total house value.
- Set aside money for miscellaneous expenses. A remodel will never cost you the exact amount you have projected. Hence, it will be wise to account for unforeseen circumstances and expenses
There is no doubt regarding the fact that the kitchen is a very important room of the house, and in the kitchen itself, cabinets play a substantial role in determining its overall quality. Therefore, installing new cabinets is an effective strategy to increase the overall house’s resale value.
Remodeling your home can also be a really satisfying endeavor for enthusiasts. Some people pursue remodeling to improve their surroundings and quality of life, whereas others remodel with the hope of reselling the house.
If you are someone who is looking to sell your house after remodeling, then you should keep in mind the costs and benefits associated with the process.
Do not overdo it. But at the same time, make sure to make appropriate changes to exhibit a positive impact on the overall look of the house.