Home renovations can better your quality of life but can also create a return on investment. However, what sort of factors influence the ROI and what could an expected return look like? Being one of the most popular types of renovations for Winnipeg homes, we’ve outlined what you could expect from a kitchen renovations ROI, in more detail, in our article below.
Kitchen renovations ROI: start with budgeting
Typically, homeowners renovate their home for one of two reasons. Usually, it’s to fix a problem area and customize the house to their needs, or to increase the appeal and value of their house before selling it. Experts suggest that a kitchen renovation should be budgeted to be within 5-15% of the total value of the house. The average return on investment (ROI) for kitchen renovations in Winnipeg is around 70-80%, but it can vary greatly from one area of the city to another, or even from one project to another.
What to focus on to get the best kitchen renovation ROI?
If the main purpose of the kitchen renovation is to sell the house, you should know that you are unlikely to get all your money back. Unless the kitchen is really outdated or in desperate need of an update, the renovation ROI will stay under 100%, typically at 60-80% of what you invested. If you do decide to renovate your kitchen, the good news is that it’s a project that most homeowners have been very happy with. It makes the most sense to enjoy your new kitchen for a few more years before selling it, and when it’s time to sell, your house will still have a modern, fresh kitchen.
Shiny new appliances are always a nice touch in a newly renovated kitchen. They are one of the first things guests and potential buyers will notice as they walk through the house, and they are something you will use every day.
The second most noticed and used feature in the kitchen is the countertops. Opt for durable materials that will withstand daily use, like the eternal favourite quartz, or marble. Butcherblock countertops have a dramatic impact on the look and feel of the kitchen. They also help add a natural element to your kitchen.
Ample storage is essential to a functional kitchen. Adding custom features – like cabinets that fit all of your small appliances easily and accessibly will free up counter space while adding a functional touch. Changing the kitchen cabinets out completely could be a major project. If you don’t have the need or the budget for that, you can replace the hardware, add some lighting underneath, and use paint to freshen up the overall look of the cupboards.
Renovating the kitchen floor has one of the best ROI, and you don’t have to break the bank for it. Go with wood, tile, or wood-look tile. And, choose the palette and style carefully to ensure it matches the rest of your kitchen.
Tile can be a great way to create a statement and add visual interest to your kitchen renovation. There is a vast number of options for selecting tile, including different materials, colours, shapes, and styles. Along with that, the tile can be installed in a variety of different patterns. Using tile strategically can add an instant wow factor to your kitchen and gives it a custom look.
A fresh coat of paint on the walls, if done right, might not be a spectacular change, but it will give your kitchen that crisp, fresh look it should have if you are renovating the house to sell. Usually, paint and flooring can have a 100% ROI, if you keep the budget proportional to your home’s overall value.
If you’re not able to fully renovate your kitchen there are still options. HGTV wrote a great article that covers the individual part of a kitchen renovation. They focus on the top-performing parts of a kitchen renovation that can lead to an increased ROI. In their article, Bathroom and Kitchen Renovation Projects with the highest ROI, they uncover that converting cabinets, adding a fresh coat of paint, new lighting, or simply just upgrading appliances can have the largest impact.
Are you interested in a kitchen renovation project? Dash Builders are one of Winnipeg’s top-rated kitchen renovation companies. We will help you invest your money in the right places. Therefore, you’ll get the best possible ROI for your renovation project. Along with the ROI focus, we’ll create a kitchen you’ll love for years to come. Contact us today or call 204.509.7574 to get your kitchen renovation project started!