Is a kitchen renovation worth it?
All buyers love a brand new stylish kitchen. Exactly how much should you budget for a kitchen?
Generally, you want to spend between 6% to 10% of your home value on your kitchen. For a home worth $300,000, that would mean spending between $18,000 to $30,000. Being an real estate investor, I would lean toward the lower end of the spectrum. Yes, the appeal of a nicer kitchen is there with the higher price tag, but spending less means more money in your pocket, especially if you plan to sell.
You can do some quick due diligence on how much your kitchen would cost, by looking at how much the kitchen cabinets, fixtures, and appliances would cost online. Labor can be estimated to be about the cost of materials. So let’s say your kitchen materials would cost approximately $6,000, you can estimate labor to cost an additional $6,000.
If your kitchen is in desperate need of updating, renovating your kitchen would help boost buyers’ interest dramatically over any other renovation you might decide to do.
Sell with 88 Key Realty to save on Realtor Commission.
List with 88 Key Realty and we will offer up to $3,000 cash rebate paid directly through Escrow.
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