By Melissa Dittmann Tracey, REALTOR® Magazine
A “minor” kitchen remodel will cost home owners, on average, $21,695, according to the Cost vs. Value survey, an annual report by Remodeling magazine, in cooperation with REALTOR® Magazine, that reveals the top remodeling projects offering the highest returns at resale. Home owners stand to recoup about 72 percent (or $15,790) of that investment from a kitchen remodel when it’s time to sell too.
So the kitchen can offer some big payback at times of resale, but for the average home owner, $21,000 nowadays may be too much for their budget. So what should you do when a dated kitchen is still in desperate need of some TLC?
Check out this video below from AOL Real Estate with Jeff Lewis, star of Bravo’s “Flipping Out,” sharing how he transformed a kitchen for less than $5,000. He painted the cabinets, added new countertops, replaced the faucet, added a stainless steel kitchen island, and accessorized to give the kitchen an updated, fresh look. What are your best ideas for remodeling a kitchen on a tight budget? Get more ideas at REALTOR Magazine online: Easy Solutions for Kitchens & Baths.