Kitchen renovations are consistently ranked among the most financially advantageous investments for substantive home remodels. But what exactly is the number breakdown on the initial cost of a kitchen remodel and its overall return?
According to U.S. News and World Report, national averages for kitchen remodel returns come in at 66%. Although the full cost is not recouped, real estate agents often advise home buyers to go ahead and make the investment since updated kitchens are among the first features home buyers look for and are even coming to expect.
Midrange, Minor Kitchen Remodel Cost in Atlanta, GA
Fortunately for area home owners, the average ROI for minor kitchen renovations in Atlanta is much higher than the national average. In 2017, home owners who spent $20,612 on minor, midrange kitchen remodels an ROI of 74.4%, according to Remodeling’s Cost vs Value report.
(Cost vs Value defines minor, midrange kitchen remodels as little more than a facelift in which all appliances are replaced but cabinets are lightly refurbished and countertops, resilient floors, and sinks are replaced with lower-end materials.)
Midrange, Major Kitchen Remodel Cost in Atlanta, GA
For slightly more extensive kitchen remodels, Atlanta, GA, home owners spent an average of $62,208 on labor and materials and realized an overall ROI of 59.7%.
(Major, midrange kitchen remodels are defined as remodels in which layout is rearranged for optimal functionality. New installs include: semi-custom cabinets and countertops, along with an island, a double, stainless steel sink and faucet, most appliances, lighting, and resilient flooring.)
Upscale Kitchen Remodel Cost in Atlanta, GA
Keep in mind that many kitchens, particularly those belonging to historic homes, are in need of more than a superficial facelift. Higher-end kitchen remodels in Atlanta, GA, typically cost an average of $123,584. This type of investment generates an average ROI of 56.3%.
(Upscale kitchen remodels entail new layouts featuring custom cabinets with interior accessories, stone countertops with tile backsplashes, a high-end sink with a designer faucet and a water filtration system, all new, high-end, built-in appliances, tile or wood look-alike flooring, and general, task, and under-counter lighting.)
(The figures cited here are according to the Remodeling 2017 and 2016 Cost vs. Value Reports [www.costvsvalue.com] for the Chicago, IL, area. [© 2017 and 2016 Hanley Wood Media Inc. Complete data from the Remodeling 2017 and 2016 Cost vs. Value Reports can be downloaded free at www.costvsvalue.com.])
While higher-end kitchen renovations offer a barely lower ROI than midrange remodels, keep in mind that spending a little more to accomplish your true goals often pays off in the long run. Investing in higher quality materials means less maintenance and a longer duration of renovation satisfaction.
If you plan to resell, prospective home buyers will be likely to pay more overall for a home with an outstanding kitchen than one with a mediocre finish. If you plan to keep your home, you will want to feel comfortable in what is potentially the most important room and to make it a place where you will spend time with family, friends, and food.