- According to Remodeling magazine, a major kitchen renovation can result in a return on investment of between 61 and 70 percent of the cost.
- Ninety percent of consumers have a greater desire to be home since renovating their kitchen, and the top reason for the renovation was to upgrade worn-out surfaces, finishes and materials.
- Fifty-four percent of realtors have suggested sellers complete a kitchen upgrade before attempting to sell, and 23 percent said the project most recently helped cinch a deal for them, resulting in a closed sale
The national average for a mid-range major kitchen remodel was $56,768, according to the Remodeling 2015 Cost vs. Value report. That’s for semi-custom cabinets, mid-range appliances and laminate countertops in a 200-square-foot kitchen. Their national average for an “upscale” major kitchen remodel (with custom cabinets, high-end appliances and stone countertops) in 2015 was $113,097. A mid-range minor kitchen remodel (without new cabinets) in 2015 was $19,226. Those numbers broken down for the Phoenix market were slightly lower: $55,269 for a mid-range major kitchen remodel; $110,646 for an upscale major kitchen remodel and $18,839 for a mid-range minor kitchen remodel.
The rule of thumb is that you should spend between 5 and 15 percent of their home’s total value on your kitchen remodel. This is the optimum range for homeowners to spend and expect to recoup during a home’s resale.