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When A Kitchen Renovation Might Make Cents

When A Kitchen Renovation Might Make Cents

Many Americans think about renovating their kitchen to improve the style and function of their home. Often, this decision is made when the kitchen has become outdated, but some homeowners simply want to upgrade from builder’s grade materials to more luxurious features to add value to their home.

The fact is that a kitchen renovation requires considerable time and effort. The expense of a renovation can vary based on how extensive your project is, but the stress and inconvenience associated with a renovation needs to have some payoff for you as well. If you are trying to decide if a kitchen renovation is worth the expense and effort, consider these points.

When You Want to Sell Your Home

Some homeowners will consider going through a kitchen renovation in an effort to improve the value of their home before selling it. If you have already decided to sell your home, renovating a kitchen that is truly outdated may help you to sell your home for top dollar or to sell it more quickly. However, you should consider working with a real estate agent to determine what the current value of your home is and what the value of the home may be when your renovations are complete. Also, consider the average time homes remain on the market in your area.

If your kitchen is in decent condition and there is a seller’s market in the local community, going through the expense and hassle of a renovation may not be worthwhile. On the other hand, if your kitchen is so outdated that it is a detriment to the value and there is a buyer’s market, renovating the kitchen may help you to sell the home more quickly and for an increased price

When You Want to Stay In the Home

While some homeowners will decide to take on a kitchen renovation project before moving, others have plans to stay in the home for at least several more years. A kitchen renovation can add value to the home. However, because of the time and effort required to renovate a kitchen, it is generally advisable to make this effort if you plan to stay in the home for a long period of time and enjoy the fruits of your labor. You can take time to create a style and to add features that are most desirable to you.

The Quality of the Current Kitchen

You should also pause and consider the quality of your current kitchen. Does your kitchen require a moderate update, or do you have plans to completely strip the kitchen down to the studs and start from scratch? The current quality of the kitchen will affect the cost and the time required for the renovation.

Most families spend a lot of time in their kitchen for eating, family dining and even entertaining, so it is understandable that you want the kitchen to have a certain style. However, if the kitchen is in good condition and the intent is merely to update a kitchen that is only slightly out-of-date, you should pause and ask yourself if the stress of living without the use of a kitchen in your home and having contractors parading in and out of your home is worth the end result you may enjoy. In some cases, a homeowner may decide that it is worth delaying a renovation for a few more years so that more value can recouped from the current kitchen.

The Cost of the Renovation

As a final note, you may consider getting a few bids from contractors to put a price tag on your kitchen renovation. While some homeowners want to install a kitchen based entirely on their preference without regard for recouping the cost of the renovation in their property value, most want to ensure that the renovation project will be mostly or fully recouped in an increase in property value. Therefore, you must consider property values in your area and compare them to the cost of the project that you have in mind. Certain ways to cover the cost have been suggested like saving up front, refinancing your mortgage, personal loan or etc.

The bottom line is that there are many factors to consider when making the decision to renovate your home. Factors such as the cost of your project, the property value and your long-term plans for the property are among the most important factors to consider as you make this big decision. While the ability to recoup the expense of a renovation is important, your long-term enjoyment of the kitchen should also be considered if you plan to stay in the home.

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