Expensive kitchen renovations worth the price

Ginger Dean

May 26, 2016

By: Ginger Dean, Home Finance Specialist

In: Finance and LegalKitchen Remodel

If you're getting ready to put your home on the market or even if you're staying put and want an updated look, one great place to focus on is the kitchen.

Updating your kitchen can be a big project that comes with an even bigger price tag, but believe it or not, it's worth the cost. Upgrades to the kitchen often come with a great increase in the value of your home with a return on investment as high as 75 to 100 per cent.

Here are four kitchen renovations that add major value to your home:

Spend money on fixtures

It's the little things that count when it comes to adding value to your home. Improvements such as faucets, light fixtures, and cabinet hardware can instantly improve the look and feel of an otherwise outdated kitchen.

Don't scrimp when it comes to your kitchen fixtures. You can shop for a variety of styles, materials, and price ranges at home improvement stores such as The Home Depot. Prices can range from as low as $4 to as high as $30 per cabinet fixture and kitchen faucets can range from $90 to over $400 per fixture. Remember, you get what you pay for when it comes to increasing the value of your home.

Updated cabinets can sell a home

You don't need to tear out absolutely everything to have a modern look. Refacing your cabinets is a cost-effective way to improve the look of your kitchen. Refacing means you keep the cabinet boxes, and either paint them or put a new material on top of them, plus add a new door. However, if you find the cabinets or cabinet layout isn't functional, then consider replacing them altogether.

Invest in a stand-out countertop

Countertops and backsplashes are eye catching aesthetics that can add value as well as durability to your kitchen. When choosing countertop materials remember that you want to pick something that looks nice but will also sustain everyday wear and tear such as heat from pots and pans and spills from drinks or other liquids.

Spending money now will help save money later because high quality materials will last for years to come. Homeowners can choose from a variety of countertop materials such as soapstone, granite, and quartz, just to name a few.

Install an island

Kitchen islands are a fantastic addition to many kitchens because they add functionality, more countertop space, and more storage to the room. According to ConsumerReports.org, "76 percent of potential homebuyers considered a central island either desirable or essential to a kitchen."

If you spend wisely for a mid-range kitchen upgrade that focuses on quality, appealing materials, you should be in good shape to either re-sell or just enjoy your home. Make sure you look at popular kitchen upgrades in your own area, and check in with your real estate agent about which upgrades are most often requested.

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