Helping Your Clients Understand The ROI of Kitchen Remodels – Part I
When it comes to home remodeling projects, one of the best choices to maximize return on investment (ROI) is the kitchen. While the ROI is higher for a minor upgrade, even a major facelift for the kitchen still draws a large return. This is because the kitchen is one of the first areas that homebuyers look at. When advising your clients on their kitchen remodel, there are multiple ways to ensure that they draw the maximum ROI from this project. Read on to learn more about the ROI for different types of remodels and ways to increase ROI for your clients.
Facts to Tell Your Clients about the ROI
According to the Cost vs. Value Report from 2010-2011, minor kitchen remodels were number four amongst the top ten home improvement projects with the highest ROI.
Here are the numbers for a minor mid-range, major mid-range, and major upscale kitchen remodel:
- Minor Mid-Range: With a minor, mid-range kitchen remodel, the average amount spent is $21,695 and the average ROI is 72.8%. A minor remodel may include refacing cabinets, updating vinyl flooring and laminate countertops, and adding new appliances and fixtures such as a wall oven, cooktop, faucet, and sink.
- Major Mid-Range: A major, mid-range kitchen remodel averages $58,367 in price and brings an average ROI of 68.7%. This may include adding new cabinets, energy efficient appliances, laminate countertops, vinyl flooring, new paint, custom lighting, a built-in microwave, and more.
Stay tuned for Part II of this blog post – Thanks for reading!