There is a great myth in the real estate world that says if you install a brand new kitchen, it will add value to your home, well above the cost of the installation. This is a fallacy!
New kitchens do add value, however the value added typically comes out well below the cost to remodel.
If you have an outdated kitchen, here are some low-cost renovation suggestions to upgrade the space and possibly add value:
- Paint the cabinets to add new life to old cabinets.
- Replace the hardware. Knobs can make cabinets look great or bad.
- Tile Backsplash. Adds pizzazz and makes the kitchen feel “current.”
- Stainless Steel Appliances. “Scratch & Dent” hidden by cabinets. The only way to buy.
- (*FYI: The refrigerator does not necessarily have to be left with the home.)
- New Sink. Replace if old one is scratched, chipped or dingy.
- Lighting. Install LED bulbs and/or new fixtures. “Light & Bright” is desirable.
- Granite. Only if it can be purchased and installed at a “deep discount”.
- Island. Only if space permits. Should be portable to take with you if desired.
Most, if not all of these upgrades should help sell your home and will most likely add positive value. It is not realistic to be able to perform all of these tasks, so our advice is to address the project(s) you think your kitchen needs the most and is the most “doable.” Please note that painting the cabinets and installing granite will probably require a professional; so factor in labor costs as well.
The bottom line is - any one of these upgrades should provide a positive return on your investment. Do not make the mistake of installing a brand new kitchen with the intent of making money.