On occasion, we want to take the time to pass along homeowner/seller advice we find elsewhere. We’re continually studying the best ways to increase the value of your home so that you'll experience optimal returns in any future sale. Over the next two or three posts, we’ll explore some of the most efficient strategies for a home remodel, and what types of remodeling jobs translate into the highest returns for your money when you sell.
The looming question of, “When will we began to see a rise in prices on home sales, and have we hit the bottom?”, is what we all ask as homeowners, and those of us that are trying to sell want to know how we can distinguish our homes from others, and how large of an investment is worth sinking into a home in a buyer’s market.
When we ask what homeowners who are looking to sell their homes can do to maximize their selling prices in this down economy, the experts all seem to have the same answer, “It's all about the kitchen!”
In today’s markets, kitchens and master bathrooms are the big selling points in any house. An updated kitchen will separate your home from others on the market that haven't been remodeled.
But how profitable is it to update your kitchen in this market? A kitchen remodel can be expensive and is almost always a major inconvenience for a home owner. However, it can also be very rewarding with a great return on the homeowner’s investment. If your home is up against comparable homes and their kitchen has all of the bells and whistles, you home will suffer by comparison, and you’re likely to lose a sale.
Typically, kitchen remodeling will give you one of the highest home remodeling returns, at about 80-100% return on your investment. When weighing options for a remodel, the kitchen is always a good place to start to aid with the sell of your home.
There’s the possibility that a major remodel is not necessary. Minor changes can be just as effective and small enhancements can play upon some of the already positive features in your existing kitchen. If you have solid countertops, think about adding a backslash. If your linoleum is dated and scuffed, consider changing it to wood laminate. Are your appliances unmatched and older models? Are the hinges and knobs on your cabinets unattractive and out of date? Making even these small modifications will make your kitchen more appealing to buyers in today’s competitive market.
If you’re in the market for a small or large remodel, e-mail or give us a call. We have the names of several reputable contractors, and would be happy to discuss with you our thoughts on making your house as marketable as possible.
More later!