Published by Glen Dobson
Posted on June 17, 2017
One of the first areas you should look at when considering a renovation or a remodel is your kitchen. Think about your kitchen for a moment. It’s probably the place where your family spends the most time. The kitchen is often referred to as the heart of the home. It’s where everything is happening, cooking, eating, meals, games, studying, and so much more. The kitchen often doubles as the command center of your home. So, it’s not surprising to find out that a kitchen renovation is one of the most profitable projects to undergo in terms of ROI.
Two popular reasons for remodeling is to improve your home based on your current needs or because you want to add value to your home. These are both great incentives because you and your family can enjoy the benefits of renovation, in terms of a new beautiful place to enjoy, but if you are looking to sell you will also be putting value into your home and potentially receiving a greater resale price based on your renovation.
According to Investopedia, the return on investment (ROI) of any given renovation is determined by local market characteristics, the condition of the residential real-estate market when the property is sold and the quality of work performed. However, certain projects such as a kitchen upgrade show the greatest ROI regardless of the property location or the state of the market.
The takeaway here? Kitchen remodels have consistently shown positive ROI. The Appraisal Institute of Canada even suggests you can expect a 75% to a 100% on a major kitchen remodel. The key to maximizing your return on a remodel is choosing quality and classic finished that won’t become dated in a few short years. Of course, if you are planning on staying in your home for the foreseeable future you should plan according to your family’s needs and functions.
However, Euro-Rite Cabinets offers European style kitchen and bathroom cabinetry with a selection of door styles that can suit any taste, budget, or design. With the quality and affordability of Euro-Rite, you can start a kitchen renovation that works for your family and will maximize your ROI when you decide to sell. Be confident that your kitchen remodel is not only an investment in your family life and home, but it’s also an investment in your financial future.
If you have questions about what your specific ROI might be, Re/Max provides homeowners with a helpful property tool called the Return on Reno Index that might give you an idea. The Index is designed to help homeowners get the most value out of their renovations. Using the graphs below you can select the approximate value of your home below and compare your return on renovations.
As you can see in these graphs, in every price range a kitchen renovation provides homeowners with a high ROI. But how much should you invest? In an article for Global News about how to get the best bang for your buck in a renovation, HGTV host Scott McGillvary gave some helpful advice. McGillvary noted that if you decided to do a full kitchen renovation, a good rule of thumb is to stay within five per cent of the total price of the home, “then you’re staying well within the range to get great returns.” It’s important to know the value of your home to give you an idea of what your budget might be and what kind of return you can expect.
If you are looking to start a kitchen renovation Euro-Rite Cabinets can help you make the process so much easier. Euro-Rite offers you free design services. You are invited to come in and spend time with the designers who will give you expert advice and design help all for free. Euro-Rite designers are experts in the industry and will not only work with you to create the kitchen of your dreams but a kitchen with a large ROI!
A kitchen renovation that maximizes your ROI begins with quality products and a great design. If you are thinking of getting started on a renovation Euro-Rite even has a great Instant Estimator tool that will give you a rough idea of the cost of your project. Euro-rite offers competitive pricing and a wide variety of cabinet choices with many of door styles and accessories. You can even compile a wish list using the Toolbox feature! Download a copy of our design guide for steps on where to begin, or contact one of our many customer service representatives for help!