A new kitchen can increase home value. In general, the value is expressed as the percentage of money spent on the remodel the homeowner recovers after the sale of the home. Better Homes and Gardens says homeowners can expect a return of about 52% on their investment in a new kitchen if they sell their home.
A new kitchen could add up to 10% to the value of your home.
Spacious and modern storage units were found to be the best kitchen feature to increase property value, with 72% of experts choosing this. This is followed by fitted energy-efficient appliances, with 66% of expert approval.
A home with a basement kitchen is more valuable than one without. Money spent on your basement kitchen will produce a return on investment up to 85% of your expenditure. The added amenities, such as a wet bar, appliances, and storage space, will also increase the home's value should you decide to sell.
Closure of facilities – public services, employment, amenities; if any of these services close, it could impact the value of your house as they're often appealing to buyers. Low school ratings – buyers pay to live in areas with good schools because they want their children to have access to the best education.
So how much value does a new front door add? According to Remodeling magazine, replacing your entry door has an average ROI of 74.9%. With that ROI, you could potentially add three-quarters of the front door cost back into your home's value.
New flooring can increase the value of a home by nearly 10 to 54 percent. Potential homebuyers say that they will put in a higher offer if a home has new flooring. Potential buyers also said they would reconsider putting in an offer if the flooring is outdated, dirty, or worn.
But generally speaking, vendors should not bother replacing kitchens and bathrooms. Whichever one you choose may not be the one that Mr and Mrs Buyer will actually want. If this is the case, you will incur unnecessary time, cost and effort. In some situations a new kitchen can even put buyers off.
So far, the industry's standard ROI for mid-range kitchen makeover falls between 50% to 60% of your overall budget for remodeling. For instance, if you spent $69,000 redoing your kitchen, then you can expect to recoup around $34,500 to $41,400.
“Consider white tile, chrome or nickel fixtures, a white porcelain shower and tub, and efficient low-flow toilets and new piping,” says Dogan. “A renovated bathroom can add up to $50,000 to the value of your home,” for a dream renovation with top-of-the-line additions.
Higher ROI
Creating a basement kitchen makes for an excellent financial investment. It increases the resale value of your home significantly – up to 85 percent of the expenditure!
A work-in pantry, or “prep kitchen,” is a second, usually smaller kitchen that's hidden away around the corner from or behind the main kitchen. This second kitchen is sometimes called a “butler's pantry.” The main kitchen has cupboards, counters, a sink and all or most of the major kitchen appliances.
A wet/bar or kitchenette of modest size can cost between $1,000 and $5,000. For a more full-featured guest apartment kitchen, plan on $12,000 to $20,000. A closet, which is a necessary feature if a basement room is to officially qualify as a bedroom, costs between $1,200 and $1,900.
Adding ceiling fans to rooms like bedrooms, the living room, or family room will add value to your home immediately.
Adding or updating your light fixtures is a relatively inexpensive way to add value to your home. However, the amount your home value will increase after a lighting fixture update is hard to determine. It depends partly on the quality of both your existing and upgraded lighting.
In high-traffic areas it can show wear and tear, and laminate can't be sanded or refinished for an updated appearance. Because of its lower price point, laminate also won't do much for your home's resale value.
Even though it's not true hardwood, buyers will still appreciate the aesthetics and feel of these durable floors. This is what buyers really care about at the end of the day. So yes, installing new vinyl flooring in your home will raise your property value.