Kitchen Renovations That Really Pay Off
Itâ€™s impossible to own a home in San Antonio, TX without pondering the occasional (or hey, a whole lot of home improvements. And the great thing is that a lot of the time, creative energy, and yes, cash you spend on such renovations donâ€™t just translate into a space you love, but also into a higher home price whenever you decide itâ€™s time to sell.
Only which ones offer up the biggest return on investment? To find out, weâ€™ve launched this new series, Renovations That Really Pay Offâ€”and, for our inaugural installment, weâ€™re tackling the big kahuna: kitchens. Here are six home improvement projects in this all-important room that experts say come with significant financial benefits down the road. Cha-China!
Call it a need for eye candy, but shiny new appliancesâ€”fridge, stove, stainless-steel dishwasherâ€”have a huge impact on prospective home buyers, according to RealtorÂ® Al Cannistra.
High-end appliances are also typically the most expensive renovation, usually with an equally high ROI. Cannistra mentions one home with outdated appliances that sat on the market unsold; once the owners updated everything, â€śthey received two offers the first weekâ€ť and the house sold at â€śsignificantly higher than asking.â€ť
But donâ€™t feel like you have to replace appliances at once. Just swap out what you canâ€”when you canâ€”so by the time your homeâ€™s on the market the overall buyer impression is â€śHey, nice kitchen!â€ť rather than â€śThe â€™70s sure were a crazy time, eh?â€ť
One caveat: â€śKeep the appliances and plumbing where they are,â€ť suggests Justin Riordan, founder of Spade and Archer Design Agency, â€śbecause the rule of thumb is to add $5,000 each time you relocate either.â€ť
After appliances, cabinets are the most expensive item on a kitchen upgrade checklist, averaging between $3,900 and $12,000. So donâ€™t leap into trashing the old ones.
â€śIf you have existing wood cabinets that are still in decent shape, instead of completely refacing them, give them a fresh coat of paint,â€ť says Tracy Kay Griffin, designer for HGTVâ€™s â€śGet It Sold.â€ť Rust-Oleum makes an easy-to-use Cabinet Transformation kit.
Another small remodeling project with instant impact: replacing the cabinet hardware. â€śChoose a satin or brushed finish so they donâ€™t show fingerprints,â€ť says Erin Davis, lead designer and co-owner of Mosaik Design & Remodeling in Portland, OR.
Given the sink is the most used item in your kitchen, a brand-new one will popâ€”even if itâ€™s on an old countertop. So consider installing one with two troughs or made of stainless steel, the most popular material, according to Consumer Reports.
For the truly budget-friendly option, get a fancy new faucet, suggests Griffin: â€śThis is quick and inexpensive but can make a huge difference.â€ť
The home invasion of smartphones, tablets, and other constantly charged electronics means there are never enough power outlets in a kitchen. This may explain why the National Kitchen and Bath Associationâ€™s annual trend report shows that almost two-thirds of homes have rigged up charging stations where all these gadgets can easily be plugged in.
Businesses such as Kitchen TuneUp can modify cabinets or drawers in one day by adding hidden power strips and other tech-friendly amenities.
A new countertop may be pricey, but Realtors agree that the impact on future home buyers is huge. And donâ€™t just take it for granted that you should go for granite; the NKBA report shows that quartz countertops have more cachet these days.
Also remember that replacing a countertop â€śprovides an opportunity to install a new glass or subway backsplash for additional punch,â€ť says Davis. â€śA budget-friendly option is to install a 4-inch-high splash out of the same countertop material.â€ť
When it comes to kitchen floors, nothing beats good olâ€™ wood. The NKBA report shows that wood is the most popular kitchen flooring, favored by 82% of homeowners. And compared with the fancier and hard-to-install tile options, itâ€™s a relatively inexpensive option, too, averaging $9 to $12 a square foot.
Bonus: One renovation that may not be worth it
Sure, knocking down a wall to create the oh-so-trendy open kitchen may seem like the thing to do these days, but in purely financial terms of ROI, it may not make much sense.
â€śEventhough open floor plans are a preferred choice in San Antonio, TX and throughout the country among buyers, tearing down a wall versus Value Reports to create a great room isnâ€™t as high as other kitchen renovation projects,â€ť says Tony Landaverde, Realtor of the Landaverde Realty Team at eXp Realty.
The reason: According to Remodeling Magazineâ€™s Cost Vs. Value Report, small kitchen renovations have a ROI thatâ€™s almost 20% higher than major renovations. Thatâ€™s not to say that you shouldnâ€™t open your kitchen up if thatâ€™s what youâ€™re pining to do; just donâ€™t bank on it paying off big time down the road.
Thank you for this great article entitled "6 Kitchen Renovations That Really Pay Off' by Margaret Heidenry
Presented by Tony Landaverde, Realtor
San Antonio, TX Realtor with eXp Realty
A Texas Licensed RealtorÂ® License #607299
For information on careers with eXp Realty click on the link: Tony Landaverde eXp Careers