What is the Typical Return on Investment for a Kitchen Remodel?
If you’re ready to remodel your kitchen and want a number to help you decide, the average ROI for a mid-range kitchen remodel is 50% to 60%. You can use this information to determine what other home improvements are worthwhile.
Kitchen Remodeling Types
People remodel their kitchens for a variety of reasons. Maybe they’ve outgrown the space, or they want to change up their cooking style. Whatever the reason, there are numerous types of kitchen remodels that can benefit from an investment.
Here are four common types of kitchen remodels and their average ROI:
1. Complete Kitchen Remodel: This is the most expensive type of kitchen remodel, but it can be the most beneficial in terms of ROI. A full kitchen remodel can include everything from new cabinets and flooring to appliances and paint. A total kitchen remodel will typically return around $40,000 in value.
3. Custom Kitchen Design: If you have specific ideas for your new kitchen layout or theme, a custom design may be the best option for you. This type of renovation may cost more than a standard redo or overhaul, but it can result in a more unique and beautiful space that is typically worth twice as much as a standard renovation project.
4. Kitchen Remodeling in Existing Space: Sometimes all you need is some updates to your existing cabinets and flooring to make your kitchen look brand new again – this is known as repointing.
Estimated Costs and Potential ROI
Because there are so many variables, calculating the average return on investment (ROI) for a kitchen remodel can be difficult. However, some general estimates suggest that a well-executed project can achieve an average ROI of around 30%.
This means that for every $1,000 spent on a remodel, the homeowner can expect to recoup $300 in benefits. Of course, this figure will vary depending on the size and scope of the project, as well as the location and condition of the home. In general, a kitchen remodel is likely to be one of the most cost-effective ways to increase the value of your home.