I read something yesterday that made me think of home remodeling as an investment, rather than remodeling your home to make it more comfortable to live in. Contractors and homeowners tell each other how much money they are going to make on their original investment in the kitchen remodel.
If you plan to remodel your kitchen and get a return on your investment, you should first learn more about kitchen remodeling costs. How much will the cabinets cost? Will these cabinets give me a better return on my investment than other cabinets?
The question here is whether I want to remodel my kitchen to maximize the amount of money I will receive from my house once it is sold. Or do I want to remodel the kitchen for myself and my family? These are the problems that very few homeowners think about.
Most homeowners I come across are remodeling their home because they want it to look and feel a certain way. They saw a kitchen in one of their neighbors’ houses that they liked and that’s the kitchen they want in their house. They are not really concerned with making a profit or a return on their original investment.
For those of you who are interested in maximizing your return on investment, you will need to do some research in your local neighborhood and community. Find out what houses similar to yours are selling for and if the kitchens were even remodeled.
Where existing cabinets have been painted and a new countertop installed or homeowners simply purchased new appliances. You need as much information as possible to find out what works and what doesn’t in your neighborhood.
If you’re interested in numbers, you’ll need to do your homework. It would be extremely difficult to determine the exact numbers, but if you have the time, you can make money.