Home improvement projects are often expensive, totaling hundreds, thousands or even tens of thousands of dollars. When you’re putting that much money into your home, you want to know that it’s going to pay off — both while you’re living there and if you ever put your house on the market.
Some home upgrades are better investments than others, though, in terms of how much they impact your home’s value relative to how much they cost. So, what home projects are actually worth investing in?
In a recent interview, HGTV star of shows like “Cristina on the Coast” and “Flip or Flop,” Cristina Haack, discussed her No. 1 home upgrade for boosting resale value. If you’ve been wanting to make a change around your home, this might be the ideal project.
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Cristina Haack’s No. 1 Home Upgrade for Increasing Resale Value
Haack names kitchen remodels as the best project for boosting the resale value of your home. Specifically, she highlights the huge transformational impact that upgrading your cabinets can have on your kitchen and your home as a whole.
If you can’t afford to tear out and replace your cabinets, don’t worry. Consider sprucing them up with a new coat of paint instead. Haack said, “Just repainting them really can make a big difference.”
Similarly, she recommends giving your kitchen walls a “fresh coat of white paint” to give the room new life, especially if your walls currently have chipping paint or “weird wallpaper.”
The one caveat to Haack’s view that a kitchen remodel is the best home upgrade for increasing resale value is if you have a closed floor plan. Since “people are going to want a more open floor plan, you’re going to dump a bunch of money into a kitchen that someone might tear down.”
She recommends looking at comparable homes in your area to see how much they’re selling for and why. Exploring sites like Zillow or Realtor.com can give you a better idea of how potential home projects could affect the value of your home.
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How Much Does a Kitchen Remodel Cost and What’s the ROI?
According to The Home Depot, a minor kitchen remodel that includes appliance upgrades, new countertops, new flooring, painting and cabinet refacing costs about $24,000, on average. By contrast, a major remodel with custom lighting, semi-custom cabinetry, new appliances and high-end sinks and accessories can cost around $69,000, on average.
The actual amount you pay to remodel your kitchen depends on many factors. Where you live, how extensive the project is and the materials you select all make a difference. These factors also affect the return on investment from your remodel when it comes time to sell your house.
Nationally, the average return on investment for a minor kitchen remodel is 113%, while the return on investment (ROI) for a midrange major kitchen remodel is 51%. Based on these numbers, a minor kitchen remodel boosts home values by more than the cost of the project. A midrange remodel, on the other hand, only increases home prices by about half the project cost. Keep these estimates in mind when deciding how much you’re going to invest in upgrading your kitchen.
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This article originally appeared on GOBankingRates.com: One Home Upgrade That Almost Always Pays Off, According To an HGTV Star
