ORLANDO, Fla. — Looking for a remodeling project with strong buyer appeal and a potentially high return when it comes time to sell your home? A kitchen upgrade may be just the ticket.
Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the National Association of Realtors® (NAR) 2017 Remodeling Impact Report. The report reviews the cost of the most common exterior and interior remodeling or replacement projects and gauges how much they appeal to buyers at resale.
Fifty-four percent of Realtors surveyed reported suggesting to sellers that they complete a kitchen upgrade before attempting to sell; 23 percent of real estate pros also said a kitchen renovation helped to close a sale.
The Remodeling Impact Report estimates that homeowners stand to recover 57 percent – or $20,000 – of the $35,000 or so of the cost to take on a kitchen upgrade. The kitchen upgrade might include adding new energy-efficient appliances, sink, faucet and vinyl flooring; repainting the walls and ceiling; and re-facing cabinets with cherry veneer and new hardware.
Kitchen upgrades don’t just offer the potential for some bang for your buck at resale but also have been found to make homeowners happier. Eighty-one percent of remodeling consumers surveyed said they had a greater desire to be at home since completing their kitchen upgrade project, while 81 percent felt a major sense of accomplishment after the renovation.
Realtors ranked highest to lowest these following interior projects as remodeling projects that would appeal to home buyers (listed along with project estimate costs and the potential return on investment at resale):
1. Complete kitchen renovation
2. Kitchen upgrade
3. Bathroom renovation
4. New wood flooring
5. Add new bathroom
6. Hardwood flooring refinish
7. New master suite/owners’ suite
8. HVAC replacement
9. Basement conversion to living area
10. Closet renovation
11. Insulation upgrade
12. Attic conversion to living area