The majority of American homeowners are choosing to remodel their kitchens with the latest architecture and design trends rather than sell up and move on. As an increasing number of homeowners choose to adopt bespoke storage units, kitchen islands, and marble splashbacks, household improvements are set to increase by 2% every year until 2025. But, with the average mid-range kitchen remodel coming in at $64,000, is it worth remodeling or is moving home a more viable option?
Weighing up the financial costs
One of this year’s biggest kitchen trends is dark cupboards and storage units. Black and navy are particular favorites right now, and Home Advisor reports that you should expect to pay between $4,000 and $13,000 for such a feature in your kitchen. In addition to this, there will be labor costs to pay for skilled workers. As such, when you’re assessing your financial situation, be sure to factor in both the upfront charges, such as materials, as well as the ones you’ll need to pay upon completion of the work. In comparison, if you decide to move, it will cost you between $800 and $2,000 to move your belongings from one property to another. Meanwhile, closing costs of houses for sale will set you back another 2 to 5% of your new home’s purchase price.
Renovations can be a win-win scenario
It can be beneficial to renovate your kitchen, even when you’re not 100% sure that you’re going to stay put. Americans are increasingly seeking broken-plan kitchens and living space. And, paying out to change the floor level around your kitchen and erecting a partial wall alongside your new on-trend cabinets, can make all the difference to how you feel about your home. As a result, you may just decide that your new-look kitchen is perfect. On the other hand, if the changes still don’t work for you, you can rest assured that, when you come to sell, they’ll help you secure a 60% return on your investment, according to figures from Forbes.
Living with disruption
If you’re thinking of completely revamping your kitchen so that you benefit from stylish new cabinetry, banquette seating, and hidden smart technology in your tiles, then you can expect your renovation to take upwards of six weeks to complete. During this time, you won’t have access to your cooking appliances and alternative arrangements will need to be made. However, this period will be worth the wait when you’re able to control the lighting and ambience of the room with just your voice. Again, it’s worth opting for this route if you’re in any doubt about moving, as a sophisticated and smart kitchen is the kitchen of the future. This, therefore, means that if you do decide to stay, you’ll gain from these luxury amenities. Meanwhile, if you put your house on the market, you’ll have sellers begging to buy your home, due to its state-of-the-art design and features.
Homeowners are increasingly choosing to update their existing homes and, in particular, their kitchens, rather than moving home. When debating which option is for you, be sure to consider the latest kitchen designs and concepts, as this will be attractive to potential buyers and may even convince you to stay put.