A kitchen is the heart of any home! We all know this is true, yet somewhere while selling a home, we often tend to undervalue its importance. If you are on the verge to sell your home or are looking for ways to increase the sales for a listing, a kitchen renovation is an excellent way to pump up the selling process. It is great to attract a buyer’s attention and increase the value of a property.
Apart from being the most expensive remodeling project, kitchen renovations have been a popular trend, especially during the pandemic. The 2022 Remodeling Impact Report by the National Association of REALTORS® says that 25% of the REALTORS® had seen an increased demand for complete kitchen renovation projects during the pandemic.
However, remodeling a home should depend on the market and other factors. If you are wondering whether you need kitchen remodeling, we have the answers! Read on to learn more.
Before laying down a structured plan on the expenses of remodeling a kitchen, you need to identify which market you are in.
If you are in a seller’s market, where the homes are sold at lightning speed, you won’t have to spend time and money upgrading your kitchen, even with an older one. This is because since the demand for buying is more than the supply for homes, people would want to purchase them without wasting a minute. Even when the property is not remodeled or the kitchen is not renovated, people would buy it with a mindset of getting it upgraded by themselves.
However, in the buyer’s market, where the supply exceeds the demand, the sellers don’t have the upper hand. They have to work hard to sell homes. In this situation, renovating homes, especially the kitchen, is ideal. Therefore, your decisions can change a lot based on the kind of market you are in.
Various components should be taken care of while remodeling the kitchen. The prices will differ depending on what you need to remodel – from the overall plumbing and electrical expenses to kitchen cabinets and countertops. Here is an estimated range of how much kitchen remodeling can cost you:
Your remodeling budget will rise as you go higher in quality and quantity. Sometimes, it can even cost you a fortune to renovate the kitchen physically. Here’s an inexpensive and easy alternative to the traditional remodeling process to avoid going overboard with the budget.
Home value usually refers to the value that a homeowner recovers after spending money on remodeling and other major renovations. It is believed that remodeling the kitchen has led to an increase in the overall value of the property. Even the figures are in favor of this theory.
According to the 2022 Remodeling Impact Report by the National Association of REALTORS®, among the customers who renovated their kitchen, 67% of them were found to have recovered the value from a remodeling project. The increase in home value depends majorly on the amount you spend on the remodeling project. The figures mentioned in Remodeling Magazine’s 2020 Cost vs Value Report showed how different kitchen renovations showed a change in the home value:
While it is natural to think that the more you invest, the more ROI you will receive, it doesn’t seem true in every scenario. As mentioned above, the upscale major kitchen remodeling gave a return of 53.9%, while a midrange minor kitchen remodeling project gave 77.6% of ROI. Considering that lesser spending is giving you desired results, it only makes sense that the ROI increases.
Attractive images will be the first thing to entice a buyer to check your listing. There is no use in having a perfect home if the listing pictures fall dull and fail to attract home buyers. Virtual renovation can add that visual appeal with a strong potential to make a buyer’s head turn.
Try Styldod’s Virtual Kitchen Renovation Service, starting with just $5 per image! Our team of experts will help you create amazing listing photos for the kitchen. Visit www.styldod.com for more information!