Is a Kitchen Remodel Worth It?
We’d all love a kitchen make-over. Who doesn’t want to improve the work flow, lighting, and overall ambiance in what many have called the heart of the home? When it comes to home improvement, kitchens are often a top priority for home owners and buyers alike. But is the financial return worth the investment?
According to real estate agent Chris Dossman, kitchens are one of the first things home buyers look at. Because of the kitchen’s preeminent importance, real estate agents often encourage home owners toward kitchen renovation even when the renovation cost recoup isn’t full.
The idea is that a remodeled kitchen ups the value of the rooms around it, meaning that a one-to-one cost spent to cost returned isn’t always the full picture. Still, the numbers below provide a helpful starting point when considering the scope of the investment you intent to make.
(The figures cited here are according to the Remodeling 2017 Cost vs. Value Report [www.costvsvalue.com] for the Chicago, IL, area. [© 2017 Hanley Wood Media Inc. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.])
High-End Kitchen Remodels
The average cost for upper-end kitchen remodels in the Chicago North Shore area is $138,922. The return on investment is $80,790 for a 58.2% cost recoup. These numbers are based on an outdated 200-square-foot kitchen with 30 linear feet of cabinetry.
Updates include custom cabinets with top-end interior accessories, stone counter tops with ceramic or glass tile back-splashes, a high-end under mount sink with designer faucets and built-in water filtration, a commercial grade cooktop and vent hood, a wall oven, and a built-in microwave and refrigerator. General and spot lighting and wood-look-alike tile flooring are also included.
Midrange Kitchen Remodels
Midrange kitchen remodels in Chicago average in at $72,297 with a $43,597 return on investment for a cost recoup of 60.3%. These figures are founded on a kitchen of the same dimensions as the above but with different installments.
The investment price purchases new, semi-custom wood cabinets, including a 3-by-5 foot island, a standard, double tub stainless-steel sink outfitted with a single-lever faucet and a garbage disposal, a dishwasher, an energy-efficient range with a ventilation system, and a built-in microwave. Resilient flooring and custom lighting are also included.
Cosmetic Kitchen Remodels
Cosmetic kitchen renovation costs average in at $25,126 for a 75.4% cost recoup of $18,945. This includes leaving layouts and cabinet boxes intact but replacing fronts with shaker-style wood panels, replacing laminate counter tops, replacing the oven and refrigerator with newer and more energy-efficient models, installing a mid-priced sink and faucet, repainting, adding a wall covering, and replacing resilient flooring.
Choosing the Right Price Bracket for Your Renovation
Remodeling a kitchen is a solid investment option, no matter how large or small the scale. For your own project, be sure that you are investing enough money to match the quality of the rest of your home and the other homes in your neighborhood and that you are also not making the project more expensive in the long run by shortchanging your vision for a temporary fix that will itself need to be fixed later.