It’s no secret that the kitchen is the heart of the home.
When potential buyers take a walk-through, it’s often the room they’ll focus on. The kitchen is particularly important to first-time homeowners, according to Consumer Reports, whose survey of millennials revealed that an updated kitchen was the top consideration of more than a third of survey-takers.
So investing in modernizing your kitchen can mean selling your home faster and at a higher price, especially in an older home. An annual report by Remodeling magazine shows that a kitchen upgrade can bring you an 82.7 percent return on your investment, according to U.S. News & World Report. But if you plan to sell, keep the upgrade in line with the rest of your house, because buyers often don’t want to pay for a kitchen that obviously outstrips the other rooms and just doesn’t seem to fit in. Plus, a mid-range upgrade will bring a higher return than a luxury upgrade.
It’s also important to note that a major kitchen overhaul, which can be extremely expensive, as in up to $75,000 or more, is not necessary to sell your home. In fact, U.S. News says the recommended upgrade should be no more than 25 percent of a home’s value.
For the savvy homeowner, an upgrade can cost even less. Installing new appliances (stainless steel is still a good option), countertop and flooring can bring your kitchen up to snuff for around $5,000, says Consumer Reports. Consider quartz countertops, which are stronger and require less maintenance than granite. A coat of paint on the walls, and even the cabinets, as well as updated cabinet hardware, can work wonders for a minimal investment.
Inland Real Estate Group
E Veterans Parkway
Yorkville, IL 60560