There are a variety of ways in which homeowners are attempting to add to the value of their homes. Many people install things like basement and loft conversions in order to raise the market value of their property. Many people also remodel exciting rooms in their house. If you only want to focus on one room for your remodel, it should absolutely be the kitchen. The reasoning for this is that in the modern home, the kitchen has become somewhat of a centerpiece. Not only do you cook in there, but you also might hold dinner parties in it. When inspecting a new property for purchase, a lot of people will pay a close amount of attention to the quality of the kitchen. Ideally, a kitchen remodel should net you a 70% return on your investment. There are, however, a lot of potential mistakes that could lead to you seeing less of a return on your investment. Here are some reasons why a kitchen remodel could up the value of your home!
Kitchen remodeling is a complicated process and can be costly and time consuming in comparison to other aspects of a home remodel, like the wallpaper or flooring. If a potential buyer falls in love with the kitchen in your property, they may be prepared to overlook other things which they are not so fond of, such as drab carpeting. You should install equipment that is as up to date as possible. Try to remodel the kitchen in such a way that it will not look dated in ten years’ time. This means you should avoid “fad” aesthetics and instead, stick to a look that is tried and tested.
While you should keep most of the design simple, you should try to add some interesting special features. Wowing a potential buyer with a special feature could end up being the difference between you making the sale or not. You could, for example, install features like a pull out pantry or stone countertops. Subtle is key in this area – if you go too far on the special features, you may end up putting your potential buyers off the property rather than enticing them to buy.
In some parts of the country, having the wrong kind of appliances can actually devalue your home. For example, in some areas, it is the norm for properties to all have the same type of refrigerator. If you go against the local “norm”, you may end up lowering the price of your property.
When done right, a kitchen remodel is by far the best way to add value to your home. However, it is possible to inadvertently bring down the resale value of your property. You need to make sure the price of the kitchen is appropriate in comparison to the value of your house. For example, it would be a bad investment to do a $25,000 kitchen remodel inside of a $250,000 house. Also, if you don’t spend enough on the kitchen, you could end up dragging down the market value of the house as well. You should also bear in mind the neighborhood your house is in. If you end up raising the value of the home well above the value of other properties in the neighborhood, you will probably find that no one wants to buy it. Generally, you should be looking to spend between 6 to 10% of your home’s value on the remodel to get back a decent return on your investment.
The best way to make sure your refit helps you increase the value of your home is to consult with a real estate professional. They will be able to give you information about what attracts and deters buyers specific to your local area, since they work with selling houses on a daily basis. They will have insider knowledge on specific appliance brands or specific color schemes and finishes that will really help your property appeal to the local market.
Overall, a kitchen remodel is one of the best ways that you can increase the market value of your home. Just make sure that you take everything into consideration, including local trends and preferences. As long as you proceed with caution, you should find that your kitchen remodel will provide a significant return on your initial investment.
Let us help you with your remodel: (973) 696-0333