Kitchen Renovation Return On Investment


Kitchen Renovation - Schoenwalder Plumbing_Waukesha WI
A kitchen renovation ROI can range from 59% to 73% depending on the scope of the project

A kitchen renovation represents a huge investment in your home.

Because the kitchen is often ground zero for many families, whether its breakfast in the morning, evening dinner or the center of entertainment fun, the return on investment of a kitchen renovation includes both financial and “family” components.

Every home improvement has both of those components. Someday you’ll receive a financial return when you sell your property. In the meantime, the enjoyment you receive from an improvement such as a kitchen renovation is even more important than the financial return. Think of the benefits of a kitchen renovation –

  • Easier to work in
  • Added appliances
  • Better lighting
  • Layouts good for entertaining
  • Universal design adding to use and enjoyment
  • Upgraded fixtures
  • Updated floor plan
  • Increasing enjoyment of home

Kitchen Renovation By The Numbers

Homeowners are always curious about increases in home value when they renovate. While that figure will not come into play until their home is sold, it helps people understand the value of their asset.

Kitchen Renovation - Schoenwalder Plumbing - Waukesha WI
A kitchen renovation is a natural for homeowners who love where they live and do not want to move

A good overview of general costs and return on investments is a national survey of remodeling and home improvement projects, the Cost vs. Value Report. The report is segmented by region with representative cities in each region. The closest market surveyed to Waukesha is Milwaukee. It is important to remember when referencing the values to remember each neighborhood has distinct qualities affecting values. Like it or not, your neighbors actually impact the value of your kitchen renovation.

Over thirty popular home improvement projects are reviewed in terms of job cost, resale value and percent of cost recouped. The 2013 figures show the average return on investment for a kitchen renovation in the Milwaukee area averages between sixty to sixty eight percent return on the initial investment. The survey also shows the ROI is rising when compared to recent years.

It is important to note that return on investment will fluctuate with home prices. There is no guarantee your investment in a kitchen renovation will return a specific dollar amount. It is important to remember, however, over time, homes usually appreciate (along with the value of your kitchen renovation). In some neighborhoods, your increase will be much higher than others.

Perspective on a Kitchen Renovation

Whatever your home improvement is, we suggest your primary goal should be to enjoy your home more immediately. Enjoying your home as a result of the change is the most significant thing you can do and will pay dividends immediately.

Contact the design professionals at Schoenwalder’s Kitchen and Bathroom Showroom ideas on design and fixtures for a kitchen renovation.

Kitchen Renovation Return On Investment (source – Cost vs. Value Report – 2013)

                                                                        Job Cost            Resale Value                ROI

 

Minor Midrange Kitchen Renovation                     $19,167             $13,980                    73%

 

Major Midrange Kitchen Renovation                      $55,760             $37,791                    68%

 

Major Upscale Kitchen Renovation                       $110,053              $65,279                   59%

 

Kitchen Renovation Definitions

Kitchen Renovation_Schoenwalder Plumbing - Waukesha WI
Families grow and their needs change – a bathroom renovation can help your home change with your family

 

 

MINOR MIDRANGE KITCHEN RENOVATION

In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers, including new hardware. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and remove and replace resilient flooring.

MAJOR MIDRANGE KITCHEN RENOVATION

Update an outmoded 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, including a 3-by-5-foot island; laminate countertops; and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting. Add new resilient flooring. Finish with painted

MAJOR UPSCALE KITCHEN RENOVATION

Update outmoded 200-square-foot kitchen with 30 linear feet of top-of-the-line custom cherry cabinets with built-in sliding shelves and other interior accessories. Include stone countertops with imported ceramic or glass tile backsplash; built-in refrigerator, cooktop, and 36-inch commercial grade range and vent hood; built-in warming drawer, trash compactor, and built-in combination microwave and convection oven. Install high-end under mount sink with designer faucets and built-in water filtration system. Add new general and task lighting including low-voltage under cabinet lights. Install cork flooring, cherry trim.

Schoenwalder Plumbing serves Waukesha County and Lake Country including Waukesha, Brookfield, Elm Grove, Pewaukee, Delafield, Hartland, Oconomowoc WI.

Visit our kitchen renovation showroom  at Schoenwalder Plumbing Bath & Kitchen Studio, 
1600 Paramount Drive, Waukesha, Wisconsin – 262-542 7908 – before your next kitchen renovation.

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