Kitchen remodeling, although expensive, can be one of the best investments you can make in your home. Many consider renovating their kitchen simply for their personal enjoyment, as it might have the benefits of healthier cooking habits and a more social lifestyle. There is also real value in kitchen remodels since a quality renovation can increase the market value of your home. The importance of your return on investment depends largely on how long you plan to live in the home. But thankfully, the ROI on kitchen remodels in Oklahoma City puts you in a great starting position.
Understanding ROI for Kitchen Remodeling
Unless your reasons for a kitchen renovation are purely personal, then you should carefully consider the return on investment (ROI). After all, if you are thinking of selling your house in the next few months, it might not be logical to spend $50,000 towards kitchen improvements if you will likely only recoup $30,000.
The size of the kitchen and the cost of remodeling is directly proportional to each other, meaning, when the size of the kitchen increases, the amount required for remodeling increases too. However, the same might not be true in the case of ROI and cost of remodeling, as cost and returns for an investment can be inversely proportionate to one another. This means that at some point, spending more leads to a lower ROI. A valuable kitchen renovation is all about finding the perfect balance between personal enjoyment, cost of renovation, and ROI.
Determining the Value of a Kitchen Renovation
A real estate agent can help you estimate what your renovations will be worth in the current real estate market. Then, you can factor in the personal value to determine what kind of investment you want to make.
The ROI for kitchen remodeling depends on factors like:
- Specifics of your local market – Where you live?
- Type of kitchen remodeling (minor changes or major overhauls)
- How long you live in the house after the renovation is done?
- How much of the remodeling was just repairs of damaged areas or equipment?
- Who your kitchen remodeling experts are?
Cost vs. ROI of Kitchen Remodel in Oklahoma City
According to the Remodeling 2020 Cost vs. Value Report, the National Average ROI on small kitchen remodels stands at 77.6%. The ROI on kitchen remodels in Oklahoma City is very close to the national average, at 76.7%. The average remodeling cost for a minor renovation is $21,268, which means you will likely recoup more than $16,300.
For a major kitchen remodel project, the national average return on investment is 54-59% (depending on whether it is a mid-range or an upscale project). The great news is that Oklahoma City’s major kitchen remodels are worth 12-15% more than the national average.
Conclusion: Oklahoma City Kitchen Remodel ROI
This data is great news for anyone planning to renovate their kitchen in or near Oklahoma City. You can expect to recoup roughly three-quarters of your investment upon the sale of the house. And in the meantime, you can enjoy the benefits of your dream kitchen. If you choose one of the best kitchen remodeling contractors Oklahoma City has to offer, you can maximize your ROI and your personal enjoyment.