Renovating your kitchen is the best way to add value to your home. In fact, according to a New York Times editorial, a kitchen accounts for 10 to 15% of a property’s overall value. A kitchen remodel doesn’t have to be expensive. You can find some cheap methods online, especially on blogs and home-improvement TV shows. If you’re looking to upgrade a part of your home to increase property value, improving the kitchen is a great option.
To figure out your budget for the renovation, find out the value of your property through an appraiser, or perhaps a Realtor you know and trust. Based on the value the appraiser provides you want to cipher 10-15% of that property value as the approximate budget for a kitchen renovation. This is an easy rule of thumb. A great industry tip is to budget under the 10% mark so that you have the 5% extra as a range in case you have to go over.
Here are the best tips to avoid expensive renovations:
1. Do not add/remove walls or change fixed appliances like sinks and ovens
These renovations can heavily increase your budget so it’s best to avoid them to save money.
2. Improve what you already have
Re-paint your cabinets and walls to not only save some extra cash but also bring these features back to life.
3. Renew appliances and add in accessories
Look for good deals on appliances in sales to swap that old fridge for a newer one. Bringing in a more modern appliance can brighten a tired space.
Accessories are also great ways to add some flair to your home. Visit affordable shops like Homesense, Winners, or your local thrift store to find unique pieces to add to your kitchen space.
4. Ask around for prices
Make sure you ask around for quotes from different contractors before committing to a relationship. If you let them know you are actively shopping around, they will usually offer a more competitive price.
Although you want to pick a quote within your budget, you should also seek recommendations from past clients to avoid contractors who cut corners when renovating your kitchen. Look for someone who is honest and will provide quality service for the price.
In addition to the kitchen, you can add more value to your property by remodeling other parts of your home, including the bathroom, HVAC (heating and cooling) system, and roof!
If you have any questions or concerns about selling and/or purchasing a home in Ottawa, don’t hesitate to reach out to Adam Mills and his team. They strive to build long-lasting and genuine relationships with their clients, all while providing expert and timely guidance.
Adam Mills and his team have been in business for over 10 years and have a proven track record for success. Our team is made up of knowledgeable and experienced professionals who are happy to help you navigate the ever-changing Ottawa real estate market. Please contact us at 613-825-7653 or email us at [email protected].
