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How to best recoup your kitchen renovation investment

Posted by Sinks on 27th Jun 2017

Homeowners are being warned not to expect miracles when it comes to kitchen remodels adding value to their homes. Whilst a kitchen renovation will add value to a home, it will not always mean that the entire cost of the project can be recouped. According to experts, research is essential before you decide on a kitchen renovation budget. Know what other homes in your neighborhood are selling for, said Michelle Jennings Wiebe, president of Studio M Interior Design in Tampa, Florida. You want your home to be in a similar range. If you spend 100,000 on a kitchen remodel, and other similar comparable homes have 20,000 kitchens, then you will not recoup your investment. The National Kitchen and Bath Association has revealed that kitchen remodels increased by 36 percent in the third quarter of 2011, as a result of the Recession forcing many homeowners to delay selling their properties. The biggest kitchen renovation issues homeowners face are unexpected budget increases as problems arise. I would recommend adding at least a 20 percent contingency to any budget, said Miss Wiebe. To best avoid potential problems, hire a recommended contractor with references or, if you are planning on doing the work yourself, consider using a designer for the planning stage. In addition, make sure the elements you plan to include in your kitchen remodel will not become outdated in a few years time.