Remodeling, renovating, or adding new features to your home can do wonders for its value. Whether you’re making small changes, tackling a mid-sized project, or constructing a major addition to your home, it’s important that you get a strong return on your investment. That means choosing the right upgrades for your home, like refinishing your kitchen cabinets.
Believe it or not, refinishing has some of the strongest on-the-dollar ROI (Return On Investment) of any home improvement project. It might not feel as glamorous as a luxury bathroom reno or finishing your basement, but it’s one of the easiest and most cost-effective ways to refresh an older kitchen. And much like replacing your garage door or updating your home’s siding, it can quietly do wonders for the value of your home.
Interior Remodeling? Find ROI in Your Kitchen
If you’re looking to add value to your home with a remodel, you’ll need to choose your project carefully. On some projects, you can spend five or six figures while only recouping a fraction of the investment. In certain cases, you can actually decreasethe valueof your home. Real estate agents cite swimming pools, sun rooms, and garage additions as some of the worst additions in terms of ROI.
Many of the best remodeling projects for home ROI involve exterior renovations. Replacing your garage door, adding stone veneer, or updating your home’s siding are all cost-effective ways to boost the resale value of your home.
But what if you’re looking specifically for interior remodeling projects? In that case, start in the kitchen. In Remodeling Magazine’s 2019 Cost vs. Value report, “minor kitchen remodel” was ranked #3 for ROI. This was the highest rank of any interior remodel project, beating out “major kitchen remodel,” “bathroom remodel,” and “master suite addition.”
Real estate agents echo these findings, noting that the kitchen is the most important room in most homes for resale value. And while you might be tempted to make sweeping changes to your kitchen, you’ll typically see healthier returns by making smaller upgrades. These include adding new counters, installing energy-efficient appliances, and — you guessed it — refinishing your cabinets.
Why Refinishing Delivers Strong ROI
Of all the changes you can make to your kitchen, refinishing your cabinets is one of the best for on-the-dollar value. In fact, refinishing cabinets can increase a home’s resale value by as much as 7%. That’s an exceptional return for such an affordable project.
Why does refinishing your cabinets deliver this kind of ROI? Here are 3 of the main reasons…
- Refinishing can add nearly as much value as refacing or replacing your cabinets, but costs around a third as much as refacing and one-fifth the cost of replacement.
- In certain cases, a new layer of finish can add more value than refacing or replacing your cabinets, particularly in cases where lower-quality materials are used for replacement.
- Many buyers prize the durability and rock-solid construction of older, hardwood cabinetry. To maintain these cabinets and retain their value, you’ll need to maintain their finish.
While a new finish is one of the best ways to update kitchen cabinets, some homeowners prefer to apply a custom color finish or replace cabinet doors in a new style. With the right color or style, this can be another great way to improve your kitchen and the market value of your home.
Partner with your local N-Hance® to refinish your kitchen cabinets and boost your home’s value. Call (855) 642-6230 today to book a consultation and get a FREE refinishing estimate.