We want to upgrade our home in the new year. What are the best projects to invest our money in?
Kitchen remodels top the list of projects that drive in the most money for homeowners. Nationally, homeowners recapture in excess of 75% of the amounts they invest in their kitchen remodel. Here in Sewickley, if the home is sold in less than 5-8 years after the remodel, homeowners generally recoup in excess of 100% of dollars invested (design styles change fast enough that if your remodel is in excess of 8 years ago, you are unlikely to recoup 100%, unless, of course, you do a minor remodel to bring the kitchen up to the most current design styles). Nationwide, the average cost for a kitchen remodel is $21,000, and for those of you who have remodeled, that may seem like a unrealistically low number. So where is your money best spent?
Lighting is a quick and easy way to update your kitchen. Changing lighting fixtures, including chandeliers and pendant lighting, can instantly take years off your kitchen. Adding LED under cabinet lighting will upgrade the general feeling of a well-equipped kitchen.
New life can be added to older cabinetry, often simply by changing hardware. Painting older cabinetry can also refresh it, as can resurfacing your existing cabinet boxes and installing new doors. There is a lot can be done to upgrade the look of the cabinetry that requires substantially less investment than entirely new cabinetry.
Appliances should be upgraded if they are more than 15 years old, and the finishes of all appliances in the kitchen should match. In other words, if one appliance is black, all should be black. Your should not mix black, white and/or stainless appliances in one room.
Backsplashes are another easy way to add a level of sophistication of your kitchen. Lowes and Home Depot carry a large variety of stone backsplash materials that work well. If you already have a backsplash, however, you will want to be sure that it has not gone out-of-date.
And of course, granite countertops are expected in homes selling in excess of $400,000 unless that home is carrying significant acreage or is a unique historic home. However, there are many grades or granite, so if you are expecting to resell your home in the near future, look for granites that are most reasonably priced and coordinate with your cabinetry and flooring.
So if you have been thinking about investing in your home, now that the holidays are behind us, today is a great day to start planning your kitchen remodel for the new year. Not sure where to start? Feel free to give me a call to discuss what pays the highest dividends in our area!