The improving economy and rising home values have inspired more people to invest in their homes, and the kitchen remains one of the top renovation projects.
Spending on such projects is on the rise, with 29 percent of homeowners laying out more than $50,000 on the project, and 30 percent spending between $25,000 and $50,000, according to a new report from Houzz. That’s up from 26 percent and 21 percent, respectively, and indicates that a majority of homeowners are paying more than $25,000 for their new kitchens.
The 2016 Cost vs. Value report from Remodeling magazine found that a mid-range, major kitchen remodel costing $60,000 would have a two-year return on investment of about $39,000. Of course, for families planning to stay in their homes for a long time, the immediate ROI becomes less important.
Those who updated their kitchen reported that the renovations had a positive impact on their lifestyle, with nearly half saying that they were enjoying more family time and 41 percent saying they were cooking more at home, according to the Houzz report. “With the growing trend of homeowners choosing to stay in their home for the long-term the return on investment from a kitchen remodel is less tangible, measured in healthier habits and most face time with family and friends instead of dollars,” Houzz Principal Economist Nino Sitchinava said in a statement.
In terms of kitchen design, top trends include custom cabinetry, granite countertops, wood floors and stainless steel appliances. More than half of homeowners also got more open kitchens, with more than 50 percent opening them up to other rooms and 20 percent opening them more to the outdoors.