According to Remodeling Magazine’s 2020 Cost vs Value Report (costvsvalue.com), homeowners in New England can expect to recoup almost 55% of their investment when they remodel their kitchens.
While you can almost always count on your kitchen remodel to boost the value of your home, it’s not guaranteed—or even likely—that you’ll get out what you put in. This can be hard for homeowners to hear, especially when saving up for a major renovation. We all want to feel like we’re making the right moves with our money, and that’s why it’s important to consider your goals before you start your kitchen remodel.
If you’re planning to sell…
Before you upgrade your kitchen to appease the potential buyers, talk to your real estate agent. It may make more sense to do a few smart upgrades than overhaul your entire space. Buyers typically gravitate toward new appliances and modern finishes—both of which can be done for a fraction of the cost of a full-on remodel. After all, why cut into your profit margins if you don’t have to?
If you’re planning on staying awhile…
By all means, enjoy it! With major kitchen renovations in the Boston area ranging from $80,000 to $157,000, it makes sense to create spaces that function well, bring your loved ones together, and add value to your home and your life. While being smart with your investment is important, it’s also important to consider the other benefits of remodeling a kitchen that has outlived its usefulness or doesn’t function well for your family.
According to a 2017 Houzz kitchen survey of people who renovated their kitchens…
- 33% said they have a healthier lifestyle
- 50% enjoy more family time
- 41% said they now cook more at home
By the latest numbers, no, your kitchen remodel will not pay for itself, at least not in dollars. But when you consider your comfort, your happiness, your health, time spent with family, and cooking in a space made just for you, cost gives way to value that you experience on a daily basis. And that’s a good return on your investment.
Is this the year you upgrade your kitchen? Let’s get the conversation started.© 2020 Hanley Wood Media Inc. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
