Kitchen Remodeling ROI - best “bang” for your buck

So if we are seeking to embark on an affordable kitchen remodeling project we might surely ask ourselves about the ROI (return on investment) of various updates.

As mentioned in our last post, ROI really depends on what sort of "return" you are seeking.  For real estate investors, "return" is the sale price of the house or the rental fee they can get.  Thus, ROI is essentially asking "how much more can I sell or rent this house for" divided by "how much did this project cost".

For many homeowners, its not just about resale but also about your appreciation of where you live.  Thus, gauging "return" can be a bit more vague.  But you can rather easily measure the latter part of the ROI formula - the investment.

Here are some ideas for low-cost kitchen remodeling projects:

Paint - this one is easy, a new coat of paint goes a long way in any room.  The kitchen is no exception.  Unless you just recently painted, its hard to beat a new coat of paint in a kitchen remodeling project.

Cabinet Refacing - "reface cheaper than replace" is the slogan here.  The idea is that your cabinets frames (plus the installation of them) is a big part of the cost of new cabinets.  In most cases though, cabinet frames are in great condition.  Most people replace cabinets because they want a new look or style.  For that, you can either a) paint the cabinets, or b) reface them by replacing the doors and hardware .  As such, kitchen cabinet refacing is a great ROI project. You can also refinish them but this is a bit more of a project!

New Countertops - Everyone wants granite counters, and they certainly add to a home’s value.  But they aren’t cheap.  Consider granite tile as a more affordable alternative, or lower-cost Corian or Ceramic.  If you are replacing laminate countertops than any of these new kitchen countertops is a great option.  You might even check into Butcherblock.

New Flooring - Again not the cheapest, but consider a product like Pergo or QuickStep in place of real hardwoods.  Depending on where you are starting, this can really upscale your kitchen quickly and easily.

Appliance Refacing - this is a pretty new concept, but basically for $10-30 you can reface your appliances by covering them with a coating or film.  This can make a regular dishwasher look like it has a stainless steel finish, without the price tag.  Be careful though, you want to do a good job here so it doesn’t look tacky.  Also don’t go too cheap on the materials.