Kitchens
Kitchen Remodeling continues to be the most common and popular major reconstruction of existing homes. The most significant reason is the return on investment ROI. Modern and updated kitchens are among highest percent of return on the investment dollar in home remodeling with baths being #1.
The annual Cost vs. Value Report - a joint study done by the National Association of Realtors and Remodeling magazine - provides national averages. The report estimates the cost of an average home improvement project and compares it to the value it would recoup if the home were sold a year later. Real- estate agents and appraisers in 60 residential markets across the country provide ROI estimates.
Minor Kitchen Remodel, Mid-Range
For example, the 2006 report puts the national average price of a mid-range minor kitchen remodel at $17,928, averaging a return of 85.2 percent
Major Kitchen Remodel, Mid-Range
A major kitchen remodel at a mid-range price will run an average of $54,241, according to the report. A year later, you can expect to recoup 80.4 percent
Major Kitchen Remodel, Upscale
Price tag: $107,973, according to the report, with an ROI of 75.8 percent
As you can see a minor or even major kitchen remodel combined with some regular home value appreciation can overcome the cost of the remodel in very little time. While you (the homeowner) must ultimately decide on whether a kitchen remodel is right for you, it is comforting to know that you'll get a big portion of your investment back while you're enjoying your newly remodeled kitchen.
The good news is that in the Midwest our prices are generally a little lower than the national average. Before you go shopping for the cheapest kitchen remodel you can find please consider what your decision means.
In a "typical" Kitchen Remodel the following items may need to be addressed:
Structural changes (demo of existing and rebuilding of new floor plan)
Old kitchen's cabinets, appliances, and other features removed
Mechanical changes (i.e. electrical wiring and plumbing)
Painting or other wall decorating
Flooring Depends on material
Cabinets
Appliances (Stove, Microwave, Cook top, Refrigerator, Dishwasher, garbage compactor, wine cooler)
Lighting
Countertops (laminate, solid surface, stone)
Plumbing fixtures (Sink(s), faucet(s)
- Will you be happy with your decision to save a few dollars when your contractor has gone?
- Does your contractor provide a full one year warranty on his work?
- Does your contractor build his own custom cabinets or does he buy them from a big box store (restricting your choices and challenging your schedule)?
- Does your contractor provide customer references you can go see and ask questions of or does he show you a book of pictures?
- Does your contractor belong to the reputable NARI the National Association of the Remodeling Industry or was he paid by referral from a website?