This is the fourth installment of an occasional column called Getting Real About Renovations. We’re looking at renovation realities for all sorts of projects, from hardwood floors and open floorplans, to master suite additions and kitchen upgrades. We’ll give you the unadulterated truth about options, costs, effort, Realtor opinion, and estimated ROI for these projects. You can read the last one about adding new insulation here.
Kitchen renovations are a big deal on popular media—there’s hardly a home improvement show that doesn’t glorify the tearing apart and putting back together of a kitchen.
This is probably for good reason. The kitchen is the heart of the home and updating it can make a huge difference in the look and feel of a house.
But is it worth it? The headache and expense? Fully 35 percent of U.S. homeowners would rather move to another home than remodel their current home, according to the 2015 Remodeling Impact Report from the National Association of Realtors and the National Association of the Remodeling Industry.
It depends on the reason for renovating, says Harrison Polsky, a Realtor with Briggs Freeman Sotheby’s International Realty.
“Doing renovations can either do nothing for the seller, benefit the seller, or even hurt the seller—there honestly isn’t a right or wrong answer—think about how many spec homes are still on the market,” Polsky said. “When you start to speculate what buyers want, your risk increases. However, some buyers can’t see past an outdated kitchen and can’t get a construction loan to do the work.”
No matter the reason, though, the return on investment (ROI) for kitchen renovations is more than two-thirds the investment. Jump to learn more!