One of the most common investments homeowners make is updating their kitchen. The kitchen is still considered the “Heart Of the Home”, the place families and friends gather. Having a kitchen that’s functional and stylish is a great way to increase the value of your home.
Creating a budget for your kitchen remodel is your first step. When establishing your budget, give yourself a 10% – 15% cushion for unexpected expenses that may arise during the remodeling process. Also, don’t over-improve your kitchen when compared to the rest of your home or your neighborhood.
Once you’ve determined how much you want to spend, you’ll want to establish your top priorities. For example, spending higher amounts on appliances makes sense because they last for an extended period of time. Cabinets are another item that will require a large portion of your budget.
If your budget is limited you may want to consider the option of refinishing your cabinets rather than replacing them. Rather than replace your cabinets, refinishing restores or replaces only the finish on the cabinet. Refinishing can typically be completed for 70% less than replacing your cabinets.
Adding an island to a kitchen or expanding your current island is another good investment. Make sure you use substantial materials for your island and countertops. Spend time looking online for ideas and inspiration! Islands are a focal point for kitchens so you’ll want one that makes an impression.
Don’t forget to add new kitchen fixtures to your remodeling budget. Having good lighting inside your kitchen will help emphasize the countertops and colors.
The best kitchen investments for increasing your home’s value are:
- New or Refinished Cabinets
- New Countertops
- Kitchen Island
- New Appliances
- Tile Backsplash
When you’re looking for ways to pay for your kitchen remodel, consider a home loan refinance. With a home loan refinance you can get a low interest rate and pay for your kitchen without outside financing.
