Kitchen remodels: a high rate of return on investment in homes in Maine
A kitchen remodel is by far one of the best investments a homeowner can make, and the return on investment (ROI) kitchen remodeling might produce is an important consideration. The ROI a homeowner might expect for a kitchen remodel varies, depending on how you spend your kitchen remodeling dollars and the strength of the housing market in your specific area. The annual Cost vs. Value study Report--a joint study done by the National Association of Realtors and Remodeling magazine-provides national and regional averages. The report is an estimate of the costs associated with a kitchen remodel and compares it to the value it would recoup if the home sold ONE year later. In New England, a minor kitchen remodel recoups more than 83% within one year! Imagine the return on investment after three years!
Most older-style kitchens can easily be updated without major structural changes. Painting the walls and replacing cabinets might be a starting point. Replacing vinyl flooring with ceramic tile, new countertops, a ceramic backsplash and a double-basin sink are modern kitchen remodeling options many homeowners consider. New appliances might be included in the facelift such as a dishwasher or a drop-in range.
An antiquated kitchen may need to be gutted. New custom cabinets and natural stone countertops become the rule. A kitchen remodel is something the chef of the house wants and deserves. Changing an inconvenient traffic flow and adding state-of-the-art appliances to make gourmet meal preparation possible is every chef's dream.
How much you plan to budget for your kitchen remodel has as much to do with meeting your wants and needs, but also how long you plan to remain in your home. Today's trend to retire in place means many Americans are going to make sure they include the best ideas a kitchen remodel can bring to their decision. When you are planning on staying in your home for more than five years, plan a budget of 15%-18% of the total value of your home. So, if your home is worth $300,000, a kitchen remodel budget of $45,000 is a reasonable investment. It is our pleasure to help you work your way through all the planning, budget considerations, and decisions a kitchen remodel brings. Here is a list of preliminary questions for you to consider and discuss with us during the early planning stages:
- How often do we prepare meals in our kitchen?
- Is our kitchen the focal point of daily family life? Is the face of the refrigerator an art gallery for budding Rembrandts? How much time do we spend in the kitchen and dining room area?
- Do we have children or physically impaired family members in the kitchen?
- Do we eat in the kitchen, or is it a place for meal preparation only?
- How often is there more than one person involved in meal preparation?
- How does the current traffic flow work in our kitchen and how would we improve it?
- What are our storage needs? How often do we shop and how much room do we need for all categories of consumables?
- Are we happy with the appliances we currently have, or are we going to update them during the remodel?
- How safe and efficient is our current kitchen and what changes might we make to correct deficiencies?
- Is there enough light for meal preparation?
- Do we need more countertop surface area to prepare meals efficiently?
- Do we need a larger stove or refrigerator?
- How much are we willing to invest to have the kitchen we want?
Once you have considered these questions, the next step is a discussion about your wants and needs with a Keith Trembley professional.