Top Kitchen Renovations with the Highest Return
Everyone knows that kitchens and bathrooms sell homes. Is your kitchen up to date or is a kitchen renovation project something you would consider before putting your home on the market?
A recent report from the Appraisal Institute of Canada state that the top five renovations that provide the highest return on investment are the following:
- Kitchen – renovation or update with quality of materials and workmanship consistent with the area
- Bathroom – renovation or addition with quality of materials and workmanship consistent with the home and the area
- Repainting Interior / Exterior – completed in tones with wide-ranging market appeal
- Updating Décor – lighting and plumbing fixtures, counter tops, replacing worn flooring (vinyl or carpets) or refinishing hardwood floors
- Decluttering – removing all excess items to showcase the features of your home
I’ve written about the findings of this study on www.clarissa.ca, my real estate website – you can check out that blog post HERE.
I get asked this question a lot so I thought I’d share my opinion and a few examples of kitchen renovations that I have either worked on or consulted on that have helped sell (or rent) homes fast.
Examples from My Projects
Full Kitchen Renovations because they had to be Changed
In one project I assisted a client in purchasing a home with an existing basement apartment. It was old, smelly, and moldy.
Did I mention mouldy and smelly? Decision made – the drywall behind the aging kitchen cabinets had nasty mould due to a slow leak from an upstairs toilet. Can you say gross? It was just water but the drywall needed to be ripped out and replaced once the pipes were repaired.
Kitchen renovation needed – oh yes!
Great news because it also meant that we could play around a tiny bit and move a door (not on a supporting wall) which would increase the size of the kitchen so we could add in a dishwasher. Unfortunately, due to budget, we weren’t able to remove the post. Playing around with the cabinetry ensured that all the cabinet doors and the dishwasher were not impacted by the post.
We took a dreary dismal smelly space and created a bright open plan kitchen space with updated appliances and a marble and glass backsplash that bounces light around. Potlights added to the lighting. Vinyl plank flooring worked in the basement because many basement floors (this one was no exception) are not completely even. Vinyl “floats” on the floor, bending to the slight changes in the floor.
Rental Properties and the Power of an Updated Kitchen
While the kitchen below was in rough shape and would have impacted the house (think mould!) so it had to be replaced. However, it’s not always necessary to do a complete replacement but you should consider the impact a good kitchen has on attracting a good tenant. When you are creating rental space the more options and upgrades you can provide a tenant the better quality tenant you will get – one who will appreciate the upgrades and look after your space better.
Keeping the Footprint the Same
In this case (photo is a few years old) I consulted with the home seller who had purchased the home to live in and make changes that would make it easier to sell. She wasn’t planning on living in the home for long and wanted to maximize her return on investment. The home needed a major overhaul and update. It was important that any kitchen renovation that would happen needed to get the highest return on investment as she wasn’t going to be there for long.
The original kitchen (below) was dark and very dated. The new owner removed 50 tall thin trees which helped with some of the light issues. She decided that a kitchen renovation was still necessary.
Due to cost issues, and the fact that most of the house needed updating we kept the same kitchen floorplan (footprint) and I assisted the owner in choosing new cabinets, countertop, backsplash, flooring, and colours. Yes, this kitchen is pre-2010 and the grey era.
This house was updated in order to sell it. It sold quickly due to neutral (at the time), budget conscious updates and upgrades.
Small Kitchen Updates That Added Value
Sometimes a budget is just too small to warrant a major overhaul. So it’s important to consider what will give you the best return on your investment. In some cases, it might be that the cabinets are in “good enough” condition to keep. Painting cabinets and replacing a countertop or backsplash is a less expensive option than a full kitchen replacement. You can paint the kitchen cabinets yourself or you can get a professional in to do it. I’ve done both. It’s not a difficult job but it is time consuming. Sometimes a coat of paint, some new cabinet door hardware and a new light is enough to make a big change.
Painting cabinets
Every time I paint cabinets myself I swear that I won’t do it again because it does take a long time to do. Problem is – I like painting. Really!
Here’s a kitchen I updated a few years ago where I personally painted the cabinets. We had a quartz countertop, new sink and faucet and backsplash installed as well as updating the flooring and lighting.
Is a Kitchen Renovation Worth It for You?
Weighing Costs Against Value
You’ve seen some examples of complete replacements due to the age and condition of the cabinets (and walls behind them). We’ve also looked at the option of just updating through paint and replacing key elements. But is it necessary?
Don’t over improve!
One of the most important items to consider when renovating or updating to sell is the neighbourhood you are in. Don’t over improve for the neighbourhood – you just won’t get your money back.
Avoid trends
Recently I’ve seen kitchens that have been renovating for selling that include some trendy items like barn doors, shiplap, black window frames, specific cabinet colours, and encaustic cement tiles (highly patterned).
Be very careful – the hard finishes need to last for at least 10 years. Trends tend to have a life span of 2-4 years. Update with trends in the form of accessories or soft furnishings – items that can change. Wallpaper provides a jolt of color but is easily removed.
I Saved the Best Tip for Last
De-cluttering and cleaning is the fastest, easiest way to show off any kitchen.
I hope this gives you some food for thought (couldn’t resist as we are talking kitchens!) and will help you with your next kitchen renovation project.
If you’d like to read about a kitchen renovation I did for a busy cook you can read about it HERE.
Click HERE for a report by the Appraisal Institute of Canada on what return on investment you’d get with a renovated kitchen.
