Increasing Home Values With Kitchen Renovations
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Studies show that kitchen renovations produce the greatest increase in property values. Many home buyers consider the kitchen the heart of the home and spend countless hours preparing meals and sharing stories with their family and friends. Any homeowner who is preparing to place their home on the market should consider refinishing their kitchen and making it more attractive to potential buyers.
The current statistics show that a newly renovated kitchen can produce a market value increase of up to 40% and give the owner a healthy return on their investment. Studies show that the kitchen and the bathrooms become outdated before any other spaces in homes, and the kitchen could determine how quickly the property is sold. A dream kitchen can sell a home faster than any other feature in the property.
Define the Expected Budget for Kitchen Remodeling
The homeowner must be realistic when defining a budget for the kitchen renovation. They don’t want to set up a new design that is too extravagant and leads to extra costs even after the property sells. The owner must pay their contractor for all the work, and this could mean the payment is expected before the property sells.
The cost of a kitchen renovation can range vastly depending greatly on the design and the materials the owner installs in the kitchen. Our contractors at Skilled Home Renovations are well-trained and have vast experience in kitchen renovations. We can present you with a fair and reasonable price, and our experts can create extraordinary kitchen designs.
Will You Increase the Resale Value With the Kitchen Remodel?
Common mistakes that homeowners make when undertaking a kitchen remodel is trying to add their personal tastes and style preferences to the living space. They choose bold colors that overwhelm a kitchen, and the color schemes aren’t as attractive to buyers. A modern or contemporary design is the best choice for remodeling a kitchen when the owner wants to sell their home.
Many buyers who are in the market for a new home want a new kitchen that meets the current styles of new homes. These updated designs often feature neutral colors such as white, eggshell, or gray tones.
These color schemes make it easier for a new owner to decorate and add their own pieces to the design. If the room is a vibrant color that is too bright, it could turn buyers away because they would have to spend more money to cover up these colors and make the space more their own.
A property owner who chooses a mid-range kitchen remodeling project could increase the resale value dramatically. For instance, if the homeowner spent around $69,000 to renovate their kitchen, they can add as much as $40,000 to the property’s listing price.
Another important factor is the location of the property within Greater Vancouver. The desirability of the neighborhood could surely affect the value the kitchen renovation project has on the property. In addition, the market sentiment, whether it’s a buyer’s market or a seller’s market is a variable factor.
Client satisfaction of the New Kitchen
At Skilled Home Renovations Burnaby, we aim to deliver on quality finishes so that our clients are satisfied with our work. If the homeowner isn’t satisfied for any reason, our contractor team can make adjustments and improvements according to the homeowner’s needs.
Some homeowners want a new kitchen to impress their friends, loved ones and make them envious but above all else, a kitchen that is functional to their liking. A well-designed kitchen makes every task in the kitchen more efficient and makes food preparation easier. The space must also be comfortable and attractive. We can create the kitchen of your dreams.
What Kitchen Updates Generate the Most Value?
As the homeowner plans the kitchen remodeling project, there are certain features to add to the project. The purpose is to calculate which updates generate the greatest return on investment and increase the property value the most. Our home renovation contractors can help you review the checklist and compare the prices to your budget.
(1) Cabinet Refacing and Refinishing
Homeowners do not have to install new cabinets to remodel and revamp the kitchen. We can examine how the cabinets were hung originally to determine if changes are needed to make the cabinets more attractive and increase their function.
Simple updates, such as refacing and refinishing the cabinets, go a long way and give the kitchen a more modern look. Updated handles and knobs for the cabinet doors and drawers give the kitchen a contemporary touch. These modest steps can keep you within budget and reduce the amount of your budget you spend on the cabinets around ten percent.
(2) Update Kitchen Countertops
A common request for kitchen countertops is granite or marble, and these options are expensive. If you have it within your budget to buy these high-end countertops, they can increase the price of your home dramatically, but they can also push the home price out of reach for many buyers. Instead, homeowners can consider the same designs and patterns but choose laminates for the countertops. A low-cost stone slab or porcelain is a great choice for owners with a mid-range budget.
(3) A Modern Tile Backsplash
For the tile backsplash, the homeowner doesn’t have to spend a lot of money. They can get remnants of tile and mix and match the same color scheme they used for the cabinets. The small pieces of tile are great for creating geometric patterns that are complimentary to the new kitchen design and give the room a beautiful focal point.
Many homeowners make the mistake of overspending on the tile or using stone that is not ideal for the backsplash. The stone could create structural problems later and increase home maintenance costs for the new owner.
(4) Invest in New Kitchen Appliances
A newly remodeled kitchen with new appliances is a buyer’s dream. Many buyers pay extra just to get new appliances and avoid the higher upfront cost to replace older or outdated units. New appliances will come with a warranty that gives the buyers peace of mind. When choosing appliances, homeowners must consider features of similar properties and the target market.
(5) Updated Kitchen Lighting
The impact of new kitchen lighting can generate positive results for the homeowner. When reviewing the overall kitchen design, the lighting fixtures should illuminate the space but centralize light right where it is needed the most. Hanging ceiling lights and recessed lighting are great choices for the kitchen. The lighting design can place emphasis on textures or certain elements within the overall design. When assessing the budget, the owner shouldn’t use more than five percent of their budget on the lighting.
(6) Installing A New Sink and Faucet
The sink and faucet are focal points for all kitchen designs, and some of these fixture concepts could create deal breaking issues for some buyers. The sink is the most high-traffic area of the living space, and the owner will use the sink and faucet most of the time they are in the kitchen.
Deep sinks are ideal for the kitchen if the owner prepares complicated meals and needs more space to wash vegetables and other ingredients. Automated faucets can be a brilliant finish for a kitchen design and give the owner convenience and ease of use. The only drawback is that maintenance costs may increase with these technologically advanced designs.
At Skilled Home Renovations, our team can help you select the perfect sink and faucet that is affordable but also adds a modern touch to the living space. We can show a selection of finishes for the sinks and match the cabinets, countertops, and backsplash.
Get A Free Consultation
At Skilled Home Renovations, we aim to create an incredible kitchen for every client in Greater Vancouver. When reviewing the features you want to update and change, we create beautiful designs to increase the property’s value and make the living space more functional. Our team has extensive knowledge of how to complete high-quality kitchen remodeling projects and give you everything you could ever dream of in your new kitchen. To learn more about our designs, set up a consultation by contacting our team today!