- According to Remodeling magazine, a major kitchen renovation can result in a return on investment of between 61 and 70 percent of the cost.
- Ninety percent of consumers have a greater desire to be home since renovating their kitchen, and the top reason for the renovation was to upgrade worn-out surfaces, finishes and materials.
- Fifty-four percent of realtors have suggested sellers complete a kitchen upgrade before attempting to sell, and 23 percent said the project most recently helped cinch a deal for them, resulting in a closed sale
The national average for a mid-range major kitchen remodel was $56,768, according to the Remodeling 2015 Cost vs. Value report. That’s for semi-custom cabinets, mid-range appliances and laminate countertops in a 200-square-foot kitchen. Their national average for an “upscale” major kitchen remodel (with custom cabinets, high-end appliances and stone countertops) in 2015 was $113,097. A mid-range minor kitchen remodel (without new cabinets) in 2015 was $19,226. Those numbers broken down for the Phoenix market were slightly lower: $55,269 for a mid-range major kitchen remodel; $110,646 for an upscale major kitchen remodel and $18,839 for a mid-range minor kitchen remodel.
The rule of thumb is that you should spend between 5 and 15 percent of their home’s total value on your kitchen remodel. This is the optimum range for homeowners to spend and expect to recoup during a home’s resale.
Kitchens are undeniably the heart of today’s homes. You Paid for It … Enjoy It! Enjoy it everyday!
WOW! Great to know that remodeling can add so much value to a house. Thanks for this insightful and statistical post.
I appreciate the advice to spend about 5 to 15 percent of your home’s total value on your kitchen remodel. I thought that I would need to spend less than that. I’ll readjust my budget and spend more on it.
Good Day Connie. Thanks for sharing this beautiful information about kitchen remodel. Keep up the good work!
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Amazing post! The kitchen is the most important part of our home. We installing new flooring is a popular option to complement your
new kitchen design.
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