Does your Cypress, Texas kitchen get crowded in the mornings? Does it make your home appear dated and outdated? If you answered yes to either of these questions, it might be time to remodel your kitchen. This may increase the value of your home, although it sounds like a huge and costly undertaking. Not to mention that having a more spacious and appealing kitchen will give you numerous advantages.
How Much Does a Kitchen Remodel Increase the Value of a Home?
The reality is it depends. Several factors influence the increase in your home’s resale value:
- The Materials You Use
- The Changes You Make
- Where You Live
- The Condition of Your Kitchen Before the Remodel
Based on those factors, your home’s value could increase only slightly or substantially. However, this does not guarantee that you will recoup all of the money you invested.
To see the true benefit of increasing the value of your home, you must also consider your expenses. By comparing the costs to the increase in home value, you can find the return on investment (ROI). This number will help determine if your Kitchen Remodel increases your home’s value. It’s not the only calculation to make. In this article, we’ll discuss cost, ROI, and the Joy Score to help you decide whether or not to upgrade your kitchen.
Average Cost of a Kitchen Remodel
Before you can answer “how much does a kitchen remodel increase a home’s value,” you need to figure out how much it costs. However, the prices can vary depending on whether you want a small or big kitchen to remodel.
Fortunately, Remodeling magazine can give you an idea of what to expect in terms of costs. They publish a Cost vs. Value Report every year, which shows the average cost of various home improvements. The report categorizes kitchen remodels into three types.
Minor Kitchen Remodel – Midrange
A remodel is considered minor if the structure doesn’t change and the cabinets stay in the same place. You can reface them or add new hardware to make them look more upgraded. Minor kitchen renovations also involve replacing appliances, flooring, and countertops. Installation of a new sink and faucet could also be a part of this project.
As a midrange project, this type typically uses reasonably priced materials. These materials are more resilient than cheaper alternatives but are not as luxurious as their more expensive counterparts. You could, for example, select vinyl flooring, laminate countertops, or new cabinet fronts.
This type of renovation costs $26,214 on average across the country. It’s important to note that this is a national average, and a Kitchen Remodel’s cost can depend on many things.
Major Kitchen Remodel – Midrange
The scope of work is the most significant difference between a major, midrange renovation and a minor project. Most Major Kitchen Remodels involve changing the layout of the kitchen. An island is commonly added to increase counter space. Homeowners also replace the cabinets to make the room more functional and modern.
Materials are typically moderately priced, as with minor midrange projects. For example, new cabinetry is often semi-custom rather than completely custom. With this project, you could also add more appliances. Some popular options include dishwashers, built-in microwaves, and ventured range hoods.
According to Remodeling’s 2021 Cost vs. Value report, a project of this size costs an average of $75,751. Remember that this can change depending on the remodeling company you hire.
Major Kitchen Remodel – Upscale
To make your major home renovation more upscale, you must invest in high-quality materials. Rather than semi-custom products, these projects feature custom-built cabinetry with built-in accessories. Contractors customize panels to build a refrigerator into the cabinetry rather than installing a standard refrigerator.
All other appliances and materials are of high quality or commercial grade. Most Upscale Kitchen Remodels involve replacing countertops with imported materials such as granite and marble. The look is completed with tile floors, under-cabinet lighting, and a tile backsplash.
The average cost of a major, high-end kitchen remodel is $149,079, but this can change depending on the company you work with and how much work needs to be done.
Typical Kitchen Remodel ROI
To calculate the Return On Investment for your kitchen remodel, divide the increase in value by the expenses. But it can be hard to figure out how much your home’s value will increase until you sell it. Your home’s value, like its costs, can vary depending on various factors. In fact, one of the most important factors is location.
If you intend to sell your home, a real estate agent can provide you with a better idea of its value. When your appraisal is completed, you will see the difference your renovation made. The ROI can then be calculated.
Again, we can look at Remodeling magazine’s Cost vs. Value Report to give you a better idea of what your ROI will be:
- A minor remodel using midrange materials adds $18,927 to the average home value. This would result in a 72.2 percent ROI.
- A major remodel using midrange materials increases home value by $43,364 on average. When we compare the ROI to the cost, we see only 57.4%.
- A major, upscale kitchen renovation raises the value of a home by an average of $80,284. As a result, the ROI has dropped to 53.1%.
Is It Worth It?
As you can see, most kitchen remodels will not recoup their costs. Fortunately, that is not the only cost to consider when remodeling your home. You should also take into account the number known as the Joy Score.
What is the Joy Score?
It is a scoring system created by the National Association of the Remodeling Industry and the National Association of Realtors. It is used to express how satisfied homeowners are with their renovation. The scale runs from 1 to 10, with ten being the most joyful/happiest.
NAR uses this Joy Score to calculate homeowner satisfaction with various home improvement projects. NAR discovered that kitchen renovations ranked highest for interior projects in their 2019 Remodeling Impact Report. It is one of only two projects that received a perfect Joy Score of ten.
Furthermore, 95 percent of the study’s surveyed participants stated that a complete Kitchen Remodel increased their sense of enjoyment while at home. Ninety-three percent said they wanted to be in their home more after the renovation.
Is It Worth It for You?
As you can see, money isn’t the only reason to invest! A total home renovation can positively impact your overall satisfaction with your home.
A kitchen is frequently the focal point of the home. It’s a convenient location where families can get together often. Whether you’re preparing a large dinner, grabbing a quick breakfast, or grabbing a quick snack, your kitchen plays a significant role in your daily life.
If you are dissatisfied with the look of your current kitchen, a renovation could benefit you significantly. A Kitchen
Remodel can even make it more livable and functional. If you’re fed up with not having enough counter space or storage, a renovation could be well worth your time and money.
Consult a Professional
You can learn more about the specific cost of your remodel when you consult with a professional. A trustworthy contractor can provide you with a free quote that breaks down the individual costs of your kitchen remodel. As a result, you can use the quote to better understand how much your renovation will cost.
If you intend to sell your home, a realtor can provide you with more information on the potential increase in value. They will be more knowledgeable about local home values and current trends. They can also tell you how much more appealing a remodel would make your home. Based on all of that information, you can get a rough estimate of your ROI.
Finding a Kitchen Remodeler Near You
Contact our home remodeling company to learn more about the cost of a kitchen remodel in Cypress, TX. Our experienced home remodelers can provide you with a free and accurate quote. You can contact us by phone or by filling out our online form to schedule a consultation.