Whether you are preparing to put your house on the market within the next few years, or are considering making improvements to your forever home, a kitchen remodel continues to be one of the top home renovation projects with the strongest return on investment.
Enjoy Your Home Now
Neighbors, schools, equity – all reasons why you are not looking to move. Enjoy what you love about your home and update the heart of it with a kitchen remodel. If you think about where you spend the majority of your waking hours in your home, chances are it’s your kitchen. This is where you cook, share your daily meals, entertain and quite often the traffic hub of the entire house. Of all rooms, it should be a true representation of who you are and how you live. The more your kitchen is set up for your lifestyle, the happier you will be (and the more you might enjoy cooking – so less take out!) Walk into the kitchen of a gourmet chef and you’ll notice the commercial appliances, natural stone counters, prep sink and pot-filler faucet. For families that are casual entertainers, you’ll see a large center island with elbow room for the whole family and comfortable seating. If your current kitchen is not a true reflection of you – it should be.
Kitchens sell homes. Real estate agents will tell you that kitchens garner the most attention of any room, and can be the make or break factor when potential buyers are comparing homes. An updated kitchen will not only allow you set a higher list price, but will help increase showings, and speed up the sales process. If you are looking to sell soon, research the recent comparable sales or “comps” in your market. Armed with this data you can see what it will take to get your kitchen up to the standards of other homes in your community. Make a smart investment!
Average ROI for a Kitchen Remodel in the Chicagoland Area
For Arlington Heights and the surrounding suburbs, a kitchen remodel is the top interior home renovation when it comes to ROI. The estimated return you can yield depends on the type of renovation you take on. According to the 2017 Cost vs Value Report from Remodeling Magazine, the average cost and return for kitchen remodels in the Chicagoland area are as follows:
Learn more about the differences between a minor facelifts and major kitchen remodels in our Kitchen Remodeling Costs breakdown.
Ways to Increase Your ROI
In order to yield the highest possible return, keep your selections traditional or timeless especially for the major elements that people value most. Your flooring, countertops, cabinets and backsplashes are costly to remove and replace – think of them as investments.
Elements buyers value most:
• Natural stone (granite) countertops
• Stainless steel appliances
• Natural wood cabinets
• Natural wood or stone flooring
Incorporate trends or personal touches in areas that are low cost and easy to update:
– Colored dishes in glass-front cabinets can add a punch of color, while you keep the “forever” elements like flooring and backsplash tile neutral.
– Use other accent pieces such as towels, carpets, and vases to showcase your personal style, as these can be easily switched out if and when needed.
Don’t spend your budget in one place. Keep the elements in your kitchen well-balanced, instead of splurging on a particular item. If the majority of your budget is attributed to just one thing, you might not be able to address some of the other elements buyers value most. To be clear – we’re not saying that suspended chandelier’s above the island wouldn’t look gorgeous (they would), you’ll just want to make sure there is room in your budget first :).
The graphic below provides a cost-breakdown of where people spend their budgets on average during a kitchen remodel:
Where to Begin?
1) Collect Images
Houzz and Pinterest are great sources of inspiration and help you define your vision. They are also a great resources to share with your designer/remodeling team.
2.) Create a Wish List
Opening-up sightlines, increasing square footage, replacing appliances or all of the above? Be honest with yourself and try to think about what it will take to get your today-kitchen to your dream-kitchen. If the major goal for your renovation is to open-up the space between your kitchen and family room, then spending the money to remove a wall makes sense. Think big picture, long term, and ROI.
3.) Research Contractors & Schedule a Consultation:
For safety reasons, due to the many complexities of a kitchen (plumbing, gas lines, etc.), most people choose to hire a contractor to help with their renovation (vs taking it on as a DIY project). When looking for the right remodeling company to work with, ask family and friends for recommendations, search online, or check out some local reviews. Once you have vetted out potential contractors you’d like to work with in your area, schedule a consultation with one or two to get a better understanding of their processes and pricing.
If you are interested in remodeling your kitchen (and reaping the many benefits), we’d love to help you get started! Contact us today, for a free consultation.