{"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_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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}},"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,"_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}]}}