A kitchen remodel remains one of the most sought after improvements in a home. It’s the room where conversations are had, and nourishment is sought. It also remains a key factor when selling a home as the old real estate adage goes, “Kitchens sell houses.”
A kitchen remodel also happens to be a home improvement where owners can recoup a large part of their initial investment – so long as they don’t go overboard with the revamp. According to recent statics taken in 2018 (Remodeling Magazine), here are the details:
Minor Kitchen Remodel:
ROI: 81.1%
Average cost: $21k
Return $17.193
Midrange Major Kitchen Remodel:
ROI: 59%
Average cost: $63,829
Return: $37,637
Upscale Major Kitchen Remodel:
ROI: 53.5%
Average Cost: 63,829
Return: $67,212
When it comes to the geographical area, the areas that find the highest return rate are California, Hawaii, Oregon, Alaska, and Washington. They average a 92.9% return based on an average kitchen remodel cost of $23,587 and the average return on investment at $22,181.
So yes, investing in a kitchen remodel can help improve your home value while also making it much more appealing and easier to sell if you plan to unload it.