{"id":6439,"date":"2017-09-28T00:00:00","date_gmt":"2017-09-28T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/kitchen-remodels-offer-big-paybacks-at-resale\/"},"modified":"2017-09-28T00:00:00","modified_gmt":"2017-09-28T00:00:00","slug":"kitchen-remodels-offer-big-paybacks-at-resale","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/kitchen-remodels-offer-big-paybacks-at-resale\/","title":{"rendered":"Kitchen Remodels Offer Big Paybacks at Resale"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"51.977679801598\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"50.996968861945\"><!--paging_filter--><\/p>\n<p>Homeowners looking for a remodeling project may be smart to tackle a kitchen renovation\u2014that is, if they\u2019re looking for projects with the strongest buyer appeal and high returns on their investment at resale.<\/p>\n<blockquote readability=\"1.0576923076923\">\n<p><strong>Read more<\/strong>: <span class=\"l\">Home Renovations That May Not Be Worth It<\/span><\/p>\n<\/blockquote>\n<p>Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Association of REALTORS\u00ae. The report takes a look at the cost of the most common exterior and <a href=\"https:\/\/amazingproperty.com.ng\/blog\/interior-design-services-to-boost-your-space\/\">interior<\/a> remodeling and replacement projects and gauges how much appeal they have to buyers at resale.<\/p>\n<p>Fifty-four percent of REALTORS\u00ae surveyed reported suggesting to sellers that they complete a kitchen upgrade before attempting to sell. Twenty-three percent of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> pros also said a kitchen renovation helped to close a sale.<\/p>\n<p>The Remodeling Impact Report estimates that homeowners stand to recover 57 percent\u2014or $20,000\u2014of the $35,000 or so of the\u00a0cost to take on a kitchen upgrade. The kitchen upgrade might include adding new energy-efficient appliances, sink, faucet, and vinyl flooring; repainting the walls and ceiling; and refacing cabinets with cherry veneer and new hardware.<\/p>\n<p>Kitchen upgrades don\u2019t just <a href=\"https:\/\/amazingproperty.com.ng\/blog\/tips-for-house-price-negotiation\/\">offer<\/a> the potential for some bang for your buck at resale but also have been found to make homeowners more happy. Eighty-one percent of remodeling consumers surveyed said they had a greater desire to be at home since completing their kitchen upgrade project, and 81 percent felt a major sense of accomplishment after the renovation.<\/p>\n<p>The following interior projects REALTORS\u00ae ranked highest to lowest as remodeling projects that would appeal to home buyers (<a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">listed<\/a> along with project estimate costs and the potential return on investment at resale):\u00a0<\/p>\n<p><strong>1. Complete kitchen renovation<\/strong><\/p>\n<ul>\n<li>Cost estimate: $65,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $40,000<\/li>\n<li>Percent of value recovered from the project: 62%<\/li>\n<\/ul>\n<p><strong>2. Kitchen upgrade<\/strong><\/p>\n<ul>\n<li>Cost estimate: $35,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $20,000<\/li>\n<li>Percent of value recovered from the project: 57%<\/li>\n<\/ul>\n<p><strong>3. Bathroom renovation<\/strong><\/p>\n<ul>\n<li>Cost estimate: $30,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $15,000<\/li>\n<li>Percent of value recovered from the project: 50%<\/li>\n<\/ul>\n<p><strong>4. New <a href=\"https:\/\/amazingproperty.com.ng\/blog\/discover-the-top-construction-materials\/\">wood<\/a> flooring<\/strong><\/p>\n<ul style=\"font-size: 12px;\">\n<li>Estimated cost: $5,500<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $5,000<\/li>\n<li>Percent of value recovered from the project: 91%<\/li>\n<\/ul>\n<p><strong>5. Add new bathroom<\/strong><\/p>\n<ul>\n<li>Cost estimate of project: $59,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $29,750<\/li>\n<li>Percent of value recovered from the project: 50%<\/li>\n<\/ul>\n<p><strong>6. Hardwood flooring refinish<\/strong><\/p>\n<ul style=\"font-size: 12px;\">\n<li>Estimated cost: $3,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $3,000<\/li>\n<li>Percent of value recovered from the project: 100%<\/li>\n<\/ul>\n<p><strong>7. New master suite\/owners\u2019 suite<\/strong><\/p>\n<ul>\n<li>Cost estimate: $125,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $65,000<\/li>\n<li>Percent of value recovered from the project: 52%<\/li>\n<\/ul>\n<p><strong>8. HVAC replacement<\/strong><\/p>\n<ul>\n<li>Estimated cost: $7,475<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $5,000<\/li>\n<li>Percent of value recovered from the project: 67%<\/li>\n<\/ul>\n<p><strong>9. Basement conversion to living area<\/strong><\/p>\n<ul>\n<li>Cost estimate: $40,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $25,000<\/li>\n<li>Percent of value recovered from the project: 63%<\/li>\n<\/ul>\n<p><strong>10. Closet renovation<\/strong><\/p>\n<ul style=\"font-size: 12px;\">\n<li>Estimated cost: $3,750<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $2,000<\/li>\n<li>Percent of value recovered from the project: 53%<\/li>\n<\/ul>\n<p><strong>11. Insulation upgrade<\/strong><\/p>\n<ul style=\"font-size: 12px;\">\n<li>Estimated cost: $2,100<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $1,600<\/li>\n<li>Percent of value recovered from the project: 76%<\/li>\n<\/ul>\n<p><strong>12. Attic conversion to living area<\/strong><\/p>\n<ul>\n<li>Estimated cost: $75,000<\/li>\n<li>REALTORS\u00ae estimated cost recovered: $40,000<\/li>\n<li>Percent of value recovered from the project: 53%<\/li>\n<\/ul>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"\" src=\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_sept\/remodeling-impact_2017%20final.jpg\" style=\"width: 620px; height: 864px;\"\/><\/p>\n<p><em>By REALTOR\u00ae Magazine<\/em><\/p>\n<\/div>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/rgh3VIFvhYU\/kitchen-remodels-offer-big-paybacks-resale\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeowners looking for a remodeling project may be smart to tackle a kitchen renovation\u2014that is, if &hellip; <a title=\"Kitchen Remodels Offer Big Paybacks at Resale\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/kitchen-remodels-offer-big-paybacks-at-resale\/\"><span class=\"screen-reader-text\">Kitchen Remodels Offer Big Paybacks at Resale<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,12908,543,3051,627,1007,41,818,84,479,1002,61],"class_list":["post-6439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-owners","tag-property","tag-real","tag-real-estate","tag-realtor","tag-renovations","tag-seller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/remodeling-impact_2017%20final.jpg?fit=1003%2C1397&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8616,"url":"https:\/\/amazingproperty.com.ng\/blog\/4-of-the-best-and-worst-home-improvement-projects\/","url_meta":{"origin":6439,"position":0},"title":"4 of the Best and Worst Home Improvement Projects","author":"Amazing Property","date":"May 3, 2018","format":false,"excerpt":"Considering some potential home improvement projects in the near future? If that's the case, it's imperative you do your homework. While some renovation ideas tend to add value to one's home, others equate to throwing money down the drain and getting nothing in return. With this in mind, here are\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"D975091f95a8d020f86037db0bf7adea S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/d975091f95a8d020f86037db0bf7adea_S.jpg?fit=424%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4782,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-most-expensive-and-most-affordable-maintenance-projects-to-update-your-home\/","url_meta":{"origin":6439,"position":1},"title":"The Most Expensive and Most Affordable Maintenance Projects to Update Your Home","author":"Amazing Property","date":"May 31, 2017","format":false,"excerpt":"A functional and beautiful home is important for you and your family. When it comes to home improvements and maintenance projects, your budget is likely a major deciding factor when it comes to upgrades.\r \r Some of the most expensive maintenance projects can dramatically alter your home, but there are\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/91ab6eb8378660bad7f8ff9a7534df9e_M.jpg?fit=300%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6744,"url":"https:\/\/amazingproperty.com.ng\/blog\/remodeling-activity-to-spike-through-2018\/","url_meta":{"origin":6439,"position":2},"title":"Remodeling Activity to Spike Through 2018","author":"Amazing Property","date":"October 23, 2017","format":false,"excerpt":"As homeowners gain more equity, they are expected to continue heavily investing in home improvement projects and repairs through the third quarter of 2018, according to the latest Leading Indicator of Remodeling Activity report released by the Joint Center for Housing Studies of Harvard University. The LIRA index projects annual\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"2017 Remodeling Impact Infographic 09 28 2017 1300w 2932h.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017-remodeling-impact-infographic-09-28-2017-1300w-2932h.jpg?fit=532%2C1200&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4460,"url":"https:\/\/amazingproperty.com.ng\/blog\/17-most-popular-remodeling-projects\/","url_meta":{"origin":6439,"position":3},"title":"17 Most Popular Remodeling Projects","author":"Amazing Property","date":"May 8, 2017","format":false,"excerpt":"Kitchen upgrades have overtaken bathroom updates as the remodeling project homeowners want most, according to the National Association of Home Builders' Remodeling Market Index report covering the first quarter of 2017. Bathroom renovations previously held the number one spot, but kitchen redos barely pulled ahead in the most recent report.\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":596,"url":"https:\/\/amazingproperty.com.ng\/blog\/high-value-renovations-home-renovations-on-a-budget\/","url_meta":{"origin":6439,"position":4},"title":"High value Renovations: Home Renovations On A Budget","author":"Amazing Property","date":"April 4, 2023","format":false,"excerpt":"High value renovations like these don\u2019t have to break the bank. If you\u2019re looking to get the best return on your investment or just improve your property to attract high quality tenants, a kitchen remodel is one of the highest value projects. The most recent cost vs. value report, released\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"high value renovations","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/high-value-renovations.jpg?fit=424%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1438,"url":"https:\/\/amazingproperty.com.ng\/blog\/owners-are-spending-more-on-remodeling\/","url_meta":{"origin":6439,"position":5},"title":"Owners Are Spending More on Remodeling","author":"Amazing Property","date":"February 28, 2017","format":false,"excerpt":"[ad_1] Baby boomers may be sparking a remodeling boom. Homeowner spending on remodeling projects is expected to see steady growth through 2025, according to Demographic Change and the Remodeling Outlook, released by Harvard Joint Center for Housing Studies.\u00a0Older owners are expected to make up the majority of those spending gains\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=6439"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6440"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}