Every kitchen remodeling expert will tell you that renovations are guaranteed to increase the perceived value of your existing home. If we assess the real estate market, homes with outdated kitchens indeed tend to sell below market value, whereas homes with stylish cooking spaces almost always attract higher prices. However, unplanned kitchen renovations will not increase the market value of your home by a large margin. To add real value to your property, you will need extremely strategic kitchen renovations in Bankstown.
How Much Value Can Kitchen Renovations Earn?
Not all renovations of home improvement projects increase property valuations. For example,
- In-ground swimming pools are often considered to be safety hazards and insurance burdens by many buyers.
- Luxury upgrades like marble flooring in your kitchen may not appeal to many buyers.
- Customized features like joining the kitchen with the backyard can add square footage to the home’s overall living area, but many buyers want secluded and sheltered kitchen spaces.
With that being said, the best kitchen renovations indeed provide returns on investment of almost 90%. Even less expensive updates, as long as they’re high on the list of what real estate buyers typically want, can help make up for the initial expense and make some extra money when it’s time to sell the property.
Another way the best kitchen renovations pay back some of their expenses is energy efficiency. Getting new and energy-efficient lighting appliances, water-saving faucets, noise-proof doors, and other similar items will boost the resale value of the home.
The unspoken rule about getting cost-efficient kitchen renovations in Bankstown is- the more customized your renovation project, the less likely it is to boost the home’s resale value. That doesn’t mean property owners shouldn’t pursue customized kitchen upgrades. But, they can’t expect potential homebuyers to pay extra for customized features like a $20,000 kitchen range or marble flooring.
However, some upgrades are guaranteed to boost the resale value of properties. Here are the best kitchen renovations that will earn you more than you invest in the long run –
Additional Storage
Storage space is one of the first things prospective buyers look for when they’re assessing the kitchen spaces of on-sale properties. So, re-doing the kitchen to maximize its storage capabilities is a great strategy. Open shelving is by far the most cost-effective way of adding storage space to kitchens.
They can be installed next to closed cupboards. They take up little space but can store large storage boxes, platters, etc. Place stylish dishware for display on the shelves to give the kitchen a warm and welcoming look. Open shelves also make kitchens feel wider. They’re easy to organize and very inexpensive to install.
Energy-Efficient Appliances
Energy-efficient appliances give kitchen spaces instant lifts and boost their value in the eyes of prospective buyers. These new-age appliances are available in stylish designs, and they offer new functionalities that can save homeowners hours on cleaning or cooking preparations. More importantly, they save money, preserve energy, and are good for the environment.
- They help prevent greenhouse emissions
- They help save water
- They reduce energy bills at home.
- They help reduce the carbon footprints of homeowners.
Upgrading kitchen appliances will cost property owners a decent amount. So, while centering their kitchen renovation budgets on appliances, they must make sure that these items last for long periods. However, these appliance purchases are certainly worth the upfront investments. For a more detailed breakdown, read – Kitchen Renovations in Bankstown Result in Energy Saving Mode and High Modernity Values.
Invest in New Light Fixtures
Getting kitchen renovations in Bankstown and not upgrading the light fixtures is a big mistake. Unbeknownst to many homeowners, light fixtures are one of the most prominent features in kitchen spaces. When they’re installed and positioned correctly, they can make perfect impressions on first-time visitors.
So, rewiring existing electrical work inside the kitchen every few years to allow the installation of different types of light fixtures (for example, replacing flush mount lights with panel lights) is a very smart long-term move.
- Make sure to adequately light the regions of the kitchen space where cooking or ingredient preparation takes place.
- Install downlights on separate circuits to better control the lighting levels inside the kitchen.
- Once light fixtures go in, you want them to stay there for years to come, so make sure to partner with professional lighting experts.
Installing New Kitchen Sinks
When kitchen sinks lack style, utility, or cleanliness, they immediately displease prospective buyers. Putting in new kitchen sinks is guaranteed to boost the home’s resale value. Classical-looking sinks with stylish finishes are currently very popular amongst homeowners. Adding different types of classical features to your kitchen can increase its value. To learn how to read – Kitchen & Bathroom Renovation – The Classical Approach Way to Make the Most of It.
Reface Kitchen Cabinets
The best kitchen renovations don’t come cheap. To cut costs, homeowners can opt for refacing their dated cabinets instead of replacing them. Staining, painting, or sanding are also great ways of making old cabinets look sleek and up-to-date. Instead of buying all-new cabinets, homeowners can install open shelves and save a lot of money.
Paint Jobs
Homeowners planning to sell/list their homes in the next two to three years should look for quicker ways to transform their dated kitchens. Paint jobs offer the quickest fixes. From tiles to kitchen appliances to cabinets to benchtops – there are special painting techniques for all types of kitchen features. They make old kitchens look brand-new and significantly increase their perceived values.
Why Now’s the Perfect Time to Get Kitchen Renovations?
Due to an aging local population, more and more property buyers are looking for homes with high-utility kitchens. A kitchen’s functionality, aesthetic appeal, and accessibility are very important features in the current real estate market. That’s why kitchen renovations in Bankstown, when done right, add a lot of value to property prices. By following these guidelines, homeowners can expect to recoup at least 80% of their initial investments into their kitchen renovations!