Does a Kitchen Renovation Add Value to Your House in 2024?

In the realm of home renovations, the kitchen often takes center stage. As a pivotal space where families converge, meals are prepared, and memories are made, its significance transcends mere functionality. But amidst the allure of modern design trends and the promise of increased property value, the question lingers: Does a kitchen renovation truly enhance the worth of your home in 2024?

Ideally speaking, a kitchen renovation should be designed around meeting the needs of your household and family. It’s these kinds of real-world updates that make a space more useful and therefore attractive.

As a side benefit, these efforts can also make your home valuable to prospective buyers. At least, this is the prevailing wisdom being reported by real estate experts. Yet, have you ever wondered what the return on investment (ROI) is for a kitchen remodel in NZ?

We’ve researched for you and have presented it here without any confusing industry jargon. By the end, we think you’ll have a much better idea of the true value a kitchen upgrade adds.

Renovating With No Intention of Selling

We think it’s fair to say, a kitchen remodelincreases your home’s value in ways that go beyond finances.

When you and the family are enjoying a space that looks and feels luxurious, it makes for a more enriching experience. What are your reasons for remodelling? If it’s to simply stay put and update a tired kitchen, that will prove rewarding in several ways.

If you’d enjoy chatting with others while cooking, consider adding an island with a stone surface and flexible seating. This time spent growing relationships is priceless. Consider getting your loved ones involved in choosing new styles and color palettes. A space created together will be rewarding for you, and all who visit.

As an added benefit, studies show that home-cooked meals are typically much healthier than takeaways. When you spend time and money adding a new bench-top, island, updated appliances, cabinetry, and paint, you will be more likely to eat at home.

Increasing Storage Adds Functional Value Too

You may not initially think of the kitchen as a place for storage, but it’s actually quite an important aspect of the room. Whether it’s stowing away cookware, dishes, glasses, cleaning items, and of course food and pantry items, the need for more storage space is a major catalyst for kitchen renovations.

With your cookbooks, spices, and tools stored away neatly, you won’t clutter up the bench-top and lose valuable meal prep space. Visually speaking, this alone will make the whole area feel bigger and more welcoming. Add to this the organisational benefits of a tidy space, and your workflow becomes more streamlined.

Remodelling with Resale in Mind

For those considering a kitchen renovation to sell their home, there are some important thoughts to reflect on. First, will this be a minor update or something much larger? According to recent data, a “minor kitchen remodel is a great investment. Returns an average of 98.5%!”

The same report claims a major kitchen remodel averages a “return on investment (ROI) of 91%. That means if you spend $30,000 on a kitchen remodel, you can expect to see a $27,300 return when you sell your home.”

When you are renovating to sell a property, it involved a different approach than if you were planning to live there. The idea is to impress buyers and real estate agents without spending too much time or money. If you go overboard, it’s called “overcapitalizing”. Should this happen, your return on investment will be markedly lower than the initial investment.

Kitchens are typically one of the prominent selling points of a home. Just be sure to plan each aspect of your design to maximize the cost. Porcelain and Engineered Stone bench-tops and islands, for example, are often touted by real estate agents as a desirable feature, thereby increasing the asking price.

Increase Sustainability with Smart Kitchen Renovations

The first items people think about when planning a remodel are the big-ticket aspects like the bench-top, flooring, island, and accessories. To make your space more sustainable, however, and less taxing on natural resources, there are some other areas to focus on within the kitchen. These of course will add value, but also be better for the planet as a whole.

According to a homeowner survey from Houzz, four key opportunities for increased sustainability included:

• Lighting – Using more efficient LED bulbs.
• Appliances – Choosing a refrigerator and/or oven that’s energy efficient.
• Taps – Many respondents expressed interest in taps that did not waste, but conserved water usage.
• Windows – From minimising heating and cooling bills to improving privacy and visibility, updating windows can be a wise investment in sustainable living.

We’ve highlighted many of the ways a kitchen renovation can add value to your home. It clearly goes well beyond monetary benefits, but lifestyle as well. All of this makes 2024 an exciting time to update your space. Whether you are planning to stay in your current space for the foreseeable future, or are thinking about listing your property for sale, remodeling your kitchen will pay dividends.

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