Home improvement ventures have grown in popularity over the past few decades, especially since the housing boom in the early 2000s. Surprisingly enough, the crash of the market didn’t adversely affect the remodeling sector, as renovations offered an effective means of raising the potential valuation of houses at a time when prices had greatly suffered. According to the Joint Center for Housing Studies (JCHS), Americans are projected to spend approximately $427 billion on home remodeling ventures by the end of 2023. A 2022 Houzz and Home Study reported that 55% of homeowners had undertaken a home remodeling project in that past year, depicting the popularity of these projects in the residential market.
The kitchen represented one of the most popular options available when it came to choosing a specific area to work on with renovation endeavors. This is especially true for households with young ones, with the JCHS reporting that married couples with children were likely to conduct a Kitchen Remodel compared to single individuals. Research website Statista also released a survey that found that the leading reason people go through with a kitchen renovation was the fact that they finally had the means to accomplish the venture, after long considering the prospect. The primary reason most people take a significant period to carry through with their plans is they’re a bit hesitant because of the potential expenses involved. According to Forbes, an extensive kitchen renovation can cost about $25,000 on average, going as high as $60,000 for more intensive ventures.
The significant costs involved with most kitchen renovations mean that some individuals might not be fully committed to such a project unless absolutely necessary. If you’re not sure whether your kitchen requires such attention, some clear signs to look for include:
The most obvious sign that your home needs a Kitchen Remodel is the deterioration of the quarters. Aspects such as rusting hinges, loose cabinet doors, and cracked counters are all elements that indicate that this section is getting to an age where it’s in dire need of attention. Elements such as leaky plumbing and malfunctioning electrical networks represent an even more severe threat that should be addressed immediately as they represent safety risks to members of the household.
Enhancing Resale Value
As mentioned earlier, home improvement renovations can feature a significant return on investment when done appropriately, improving its resale value in the process. As such, undertaking this venture can be seen as a worthwhile investment for individuals who’re planning to place their house on the market. Depending on the activities involved, remodeling one’s kitchen can bring about an ROI between 50% and 80%. A report published by Zillow also noted that minor remodels are likely to yield a higher ROI, compared to their major counterparts.
It should be noted that the approach of the remodel implemented with a kitchen renovation should adopt a practical approach. Integrating a renovation that’s worth $150,000, for instance, wouldn’t be recommended in a house that’s worth $200,000 as the investment wouldn’t be suitable for such premises. We offer a wide variety of kitchen remodeling solutions, so call us today! Exponential Construction, your preferred contractor!