It’s a seller’s market! Here in Dallas, Texas, families are searching for homes to buy despite a shortage.
So, the big question is, are kitchen renovation projects worth it? And, how can a kitchen remodel project increase the value of your home!
Kitchen Renovation Costs
It can seem quite daunting when it comes to taking on a kitchen renovation project.
The cost of a kitchen renovation project can vary, depending on what you choose to do.
According to a 2022 Cost Vs. Value Report homeowners can expect the following:
- A mid-range minor kitchen remodels project can cost anywhere from $26,000 to $28,000. Minor kitchen remodels often include replacing kitchen flooring or refurbishing kitchen cabinetry catering to the year’s trends.
- A mid-range major kitchen remodels project can cost anywhere from $75,000 to $80,000. A major kitchen can include a complete change to the kitchen’s infrastructure, including updating appliances, cabinetry, backsplashes, and more.
So, How Will a Kitchen Remodel Improve Home Value?
Because it’s a seller’s market, homeowners can increase their home’s value by pursuing a minor kitchen renovation project.
In fact, according to the 2022 Cost Vs. Value report, a mid-range minor kitchen renovation project in Texas can yield an ROI of 72%. While major kitchen remodels can yield an ROI of 53%.
Regional real estate surveys show that home remodels projects, although minor, can attract buyers to the home as updates and upgrades suggest care and minimal maintenance.
Home renovations can pay off, especially when the seller chooses the right areas to renovate. Choosing to renovate a communal space allows buyers to visualize themselves in a ready-to-move-in-to home.
When Should I Renovate My Kitchen?
Renovation projects are not only time-consuming, but they can also be expensive. To save money, homeowners and sellers should consider minor kitchen updates every 5 to 10 years.
Alternatively, it is best to consider a minor kitchen renovation project a few years before you choose to put your house on sale. This ensures the kitchen remains up-to-date with the latest trends of its time.
Got a question about renovating your kitchen in 2022? Reach out to the home improvement team at Agape Home Services to learn how you can conquer your next home renovation project.
