How Much Does a Kitchen Remodel Cost in 2023? Breaking Down the Numbers

According to the National Association of Realtors’ (NAR) Remodeling Impact Report, two of the top most popular reasons for pursuing a complete kitchen renovation are to add features and improve livability (indicated by 25% of homeowner respondents), and to upgrade worn-out surfaces, finishes and materials (25%); 43% of those polled say the most important result of a renovated kitchen is better functionality and livability.

According to The Mortgage Reports, per the NAR Remodeling Impact Report, you can likely expect to recover 75% of your costs (when it’s time to sell your home) for a complete kitchen renovation versus 67% of your costs for a kitchen upgrade.

Meanwhile, the Remodeling Cost Vs Value Report indicates that homeowners who opt for a minor kitchen remodel (midrange) usually recoup 71.2% of their costs compared to a major kitchen remodel (midrange), which recoups 56.1%.

Boyd Rudy, a real estate agent in Brighton, Michigan, says a minor kitchen remodel with a median cost of $22,500 can increase the resale value of a home in his market by over $18,000.

“Meanwhile, a major kitchen remodel with a median cost of over $63,000 can increase a home’s resale value by nearly $56,000,” he says.

Kropovinsky agrees that a kitchen revamp can be worth every penny.

“Remodeling a kitchen can add significant value to your property by improving its functionality, appearance, energy efficiency, and safety. It can also make your home more attractive and competitive in the market, especially if you update it with modern features and trends,” continues Kropovinsky.

Read More

Related posts