Kitchen remodel costs vary extensively depending on the size of the room, the amount of work being done, the materials & fixtures being used in the project, and the quality of contractor you are using. A small kitchen that is only getting minor updates may cost around $30,000. A large open concept kitchen that doubles as entertaining space, that is being gutted and completely redone, could cost as much as $125,000.
If you are looking at worth purely from an ROI (return on investment) standpoint, the answer to the title question would be probably not. (Although, this does depend on your home, your current kitchen, and your current home value.) If you look at Remodeling.com’s Cost vs. Value report for the Portland, Oregon Metro Area in 2021, it reports kitchen remodels having an average ROI of 52%-57% for a major remodel. Minor remodels have a better ROI of about 79%.
What’s the difference between a major remodel and a minor remodel?
- Major remodels go down to the bones of the room, tearing out everything (or nearly everything) and replacing it with new.
- Minor remodels don’t replace everything – often they include reusing existing cabinets and maybe painting or staining them, potentially changing the kitchen counters, and possibly new appliances.
But there is more to “worth” than just monetary value. There is also perceived value. Will remodeling your kitchen make it function better and save you time during the day? Is your kitchen so dated and ugly that you don’t want to spend any time in it? Are you planning to live in this house for the next 30+ years and raise 3 children in it? Perceived value is your “own perception of product or service’s merit or desirability to them, especially in comparison to a competitor’s product” (Investopedia). Basically, perceived value is deciding if a kitchen remodel will bring value to you as a person, your experience in your kitchen, and ultimately your lifestyle.
