So, you have made the decision to renovate your home. Kitchen renovations are one of the first rooms that homeowners explore with regard to renovations. The kitchen is the main gathering place in the home for families and friends. It is the area where socialization happens frequently, so it makes perfect sense to choose to renovate this room in your home first. The project can be extremely fun and should be looked upon as such. There are so many small changes that can be made to completely transform this room that it is mind boggling. Let us talk a bit about whether this renovation project is a sound financial decision.
First, you should look at the long-term picture. Are you renovating the kitchen for your own preferences, or will you be selling the home at any point in the future? Either way, renovations to the kitchen can help save money in the future. If you are planning to stay in the home, you can employ some new choices that can help save on your monthly utility bills. You can opt for new energy efficient windows that can save you on your monthly electric payments. You can install low flow plumbing fittings to save on water consumption. You can also buy appliances that are more energy efficient as well. You will also experience personal satisfaction that your new kitchen is more operational and updated than it was previously.
If you are planning on selling your home in the future, you can expect a very significant return on your investment. If you ask any Real Estate Agent, they will tell you that one of the first things a potential buyer is interested in is the kitchen.
If your kitchen is fresh and updated with contemporary finishes (counters, cabinets, flooring) it will make your home stand out against homes that have a more dated kitchen. You can expect to get a return of at least 40% of your renovation investment when you go to list your home. You can get a higher sales price due to the upgrades.
A kitchen makeover is a very prudent choice, especially if you can only remodel one room. The kitchen is central to the home and you spend a lot of time there cooking, eating and socializing. The benefits of new and updated appliances and other elements far outweigh the costs you may incur. You will be surprised at how far you can get on your proposed budget. When your project is finished, you will realize it was money well spent.