Here are a few tips to help you choose the right appliances for a kitchen remodeling project while battling money versus love, or needs versus wants.
Generally speaking, selecting the right criteria for the purchase of new appliances for a kitchen remodeling project depends on whether the end objective is to personalize and customize the space for the household (love) or increase the resale value of the home (money).
Here are the criteria when remodeling for money:
- The project’s budget should be based on two parameters; the appraised value of the home and the selling prices for similar homes in the neighborhood – The rule of thumb for setting your remodeling budget is that it should run between 5 and 10 percent of the home’s value. If your home’s value is approximately equal to other homes in the area, keep the budget closer to 5 percent. If its value is significantly less than other homes, the budget can be pushed toward 10 percent.
- Appliances should be purchased with ruthless efficiency – While you definitely want to present an upgraded look, buying high-end appliances in this type of remodeling project will result in a lower return than going with base models.
- Remodel for a broad market – To give your home the best chance of selling, you’ll want to go with neutral (white or stainless steel) appliances and basic cabinetry to appeal to a broader audience.
…and remodeling for love:
- If the long term plan is to stay in your home, return on investment becomes a non-issue – While you don’t want be wasteful, the budget for new appliances and other features in the kitchen can be expanded to what you can afford.
- Appliances can be purchased to deliver an optimal user experience – Again, you’ll want stay within your budget and buy only features that have utility in your kitchen. That being said, if you’re committed to cooking like a pro, for example, buy the appliances that will allow you to do what you want to do toward that end.
- It’s your kitchen; show some personality – Designing the kitchen as an extension of your household’s collective personality can turn it into an exciting gathering area that also encourages culinary creativity.
While remodeling for money requires a more pragmatic approach to upgrades and buying appliances, a project that isn’t based on the sale of the home can be executed with creativity and flair. The key is to decide whether fiscal responsibility or wild creativity is in order before starting the project.