Toulmin Tips
Return on Investment for Kitchen Remodels
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Return on Investment for Kitchen Remodels
According to Remodeling Magazine's 2009-10 Cost vs. Value Report, the national average cost for a midrange kitchen remodel is $57,215. The national average cost for a high-end kitchen remodel is $111,794.
The cost of remodeling your kitchen is affected by a host of variables such as which components (flooring, cabinets, appliances, lighting) you choose to replace, whether you do any reconstruction, (such as moving of walls, adding of an island or adding square footage), the grade and cost of your materials and labor and, of course, the size of the kitchen itself.
$: Update appliances in a clean white finish, replace cabinet knobs, paint
$$: Update with stainless steel appliances, install ceramic tile flooring, solid surface countertops and add an island
$$$: Choose built-in appliances, add details like a glass range hood and a warming drawer, install new cabinetry and counters, built-out the existing space if needed, install arches windows or skylights, add task lighting and custom storage solutions
Can we afford this?
Only you can be an expert judge of your own personal finances and current financial situation. But before you go so far as to discount the notion of remodeling your kitchen renovation on an affordability basis, you may want to bear the two following considerations in mind: The first is that remodeling your kitchen is a great investment and one of the most plausible reasons to obtain a home equity loan. And, 100 percent of the interest on the loan is tax deductible. Second, kitchen renovations offer among the highest return on investment of all home improvement projects.
Many happy returns
You can take heart in knowing that remodeling your kitchen is one of the soundest investments you can make in your home. In fact, experts in the field, estimate the return on your investment for kitchen remodeling projects to be a recovery rate of 75-90 percent in terms of added real estate value. That's widely acknowledged to be a far greater return than you'll get by redecorating a living room, family room or finishing your basement.
1. Kitchens (unlike a finished basement or a new rec room) are an absolutely essential to everyday living. After all, it's where you get food to sustain yourself and as such, you'll rarely ever go a day without spending some time in your kitchen.
2. Our busy lifestyles have evolved to the point that for many households, the kitchen is not only where meals are prepared and consumed, but a family activity and planning center where people dash in and out, quickly plan and discuss activities, check messages, make phone calls, conduct business, pay bills, have family discussions and so forth. For many people, today's kitchen has become the heart or activity hub of the home. And as such a vital area that serves so many purposes within the home, people spend a great deal of time in their kitchens. Hence, folks want the kitchen to be a wonderfully well-organized and functional room to facilitate all of the activities that take place there.
3. People are well aware that remodeling a kitchen is an extensive proposition. And, as such, many prospective home buyers would rather pay a higher price up front for a home with a great kitchen, than pay less for a new home but have to deal with prospect of remodeling.
Once I determine my kitchen remodeling budget, how do I get started? It starts with calling Toulmin Cabinetry we’ll help you set a budget & prioritizing your wish list so you can made educated trade-offs, so that we create your dream kitchen within budget!