Remodeling your kitchen is one of the most popular home remodeling projects these days. Families use the kitchen to gather and create memories for years to come. Periodically, we are asked about the value-add a Kitchen Remodel can provide to your home.
Hanley Wood Remodeling’s Cost vs. Value Report is a helpful report showing the estimated cost recouped from popular home improvement projects. It’s even separated by region and metro. In our case, we’ll be looking at the Columbus, Ohio metro. The report is separated into Midrange and Upscale projects, which depends on the value of the home in which the projects were finished over the past year.
Regional data is available for free, in this case, East North Central, which includes Illinois, Indiana, Ohio, Michigan, and Wisconsin. That’s a bit too broad for us. So, for our purposes, here’s the complete report for just the Columbus, OH metro. The metro-based data requires you to fill out a form, which tracks who is downloading it, but it is still freely available information.
Here are the findings:
In the Midrange category, minor kitchen remodels recouped about 71 percent of their initial project cost. Major kitchen remodels were close behind at 68.5 percent. The regional average for minor kitchen remodels is about 76 percent and the major remodels regionally recoup about 67 percent. What can you expect for the cost of an average kitchen remodel? Minor kitchen remodels averaged about $19,000 and major remodels averaged around $55,000.
In the Upscale category (price range not specified), only major kitchen renovations were surveyed, recouping about 59 percent of their initial project cost. This is against 58 percent regionally and 64 percent nationally. These projects typically cost north of $100,000 on average.
According to the report, most popular remodeling projects in the Columbus OH metro recoup between 50-70 percent of the initial cost investment at resale. If you’re planning to put your home on the market in the near-future, any remodeling is still well worth the investment.
In either scenario, the emotional value that kitchen remodels can provide are always worth the investment. It’s good to know that if you ever have to sell your home, that you will recoup well over half of the money you put into the project.
If you have any questions about your home, give us a call and we’d love to help!