Many home buyers consider the kitchen one of a home’s top three essential spaces. That’s because the kitchen is among the first rooms home buyers step in during their house tour. If you haven’t updated your home for a long time, your kitchen might look dated, adorning a style from the past decades. The sad part is many home buyers consider older kitchens to be of little value than a contemporary kitchen, though everything is working correctly. The good news is kitchen renovations with essential design choices can make it look modern.
According to recent surveys, around 53% to 69% of potential home buyers are willing to pay more for essential kitchen features, such as granite benchtops or new appliances. Thus, a well-renovated kitchen can increase the value of your home substantially. And it can assist in selling your home quickly and help raise significant money.
Planning & Budgeting for a Kitchen Renovation
Planning and budgeting are critical to the success of a kitchen renovation. What amount you’re willing to spend on cabinetry, hardware, benchtop, splashback or tiling options, light fixtures, and appliances? An accurate plan will help you focus and remain on track throughout your kitchen renovation.
Vital Tips for Prudent Budgeting
- Allocate a sizeable budget to things you don’t want to replace often, such as kitchen cabinets, benchtops and kitchen appliances.
- Keep aside 10 to 20% of your budget for an unanticipated expenditure. That’s because renovations always cost as much as expected or more.
- Ensure you’re not overspending on your kitchen. It will be difficult to recover your renovation costs if they make your home pricier on the block. Speak to an expert real estate agent if you want to know the ground realities of what’s typical for your neighbourhood.
You can confidently make your kitchen renovation decisions when you have a planned budget.
Tips to Save Money on Kitchen Remodelling
Plan: A proper plan is behind a successful renovation. For example, if you install an attractive new kitchen benchtop and realise that you have to remove them to install a big sink – it will drain your money and make your renovation pricier. Therefore doing your research and having a definite plan is vital.
Explore Inexpensive Flooring Options: Instead of installing expensive hardwood or slate floors, nowadays, Vinyl flooring is in the trend and is a cheaper alternative. You will get styles that imitate high-end finishes for a modern or contemporary look at an affordable price.
Consider Installing Splashback: Consider installing a new tile splashback, which can unite the kitchen’s colour palette and cost you only a few hundred dollars for the material; paying for labour to install them won’t hurt your pocket either.
Refinish or Paint Your Existing Cabinets: Don’t throw away your existing cabinets; instead, consider refinishing or painting them to provide your space with an entirely new look. If your cabinet faces are dated, consider re-facing your cabinetry. No doubt, it will be pricier than paint, but still, it will cost less than replacing all the existing cabinetry.
Paint Your Kitchen Appliances: If your kitchen appliances are still working as desired and are in good condition, you can have them painted at a local body shop near you. Using your existing kitchen appliances rather than purchasing brand-new ones is an excellent way to save substantial money during a kitchen renovation.
Can A Kitchen Renovation Have An Impact On Your Home Value?
Per a recent survey, around 79% of home buyers have considered the kitchen in their list of the top three most desired spaces. And of buyers who purchased homes without certain features – 53% said they would have paid more for granite benchtops, and 69% of those surveyed said they would have paid more for new appliances. Thus, home buyers are ready to pay more for thoughtful upgrades and high-end finishes. In all likelihood, your updated kitchen will boost the value of your home.