In planning what to upgrade, there are several things to keep in mind
Real estate agents concur that when you sell your home, kitchens sell the place. Renovating an outdated kitchen can help you sell your home quickly and for more, which are the magic words when you want to replace your home with a senior-friendly one or are ready to chuck homeownership for apartment living in your retirement. Assuming you do not want to spend unnecessary money, what do you need to do to increase value without spending a fortune?
Don’t Overdo Your Renovations
If you watch The Property Brothers or other shows on HGTV, you may assume that if you move walls to make the kitchen more open or add other expensive renovations, you will automatically get far more back in an increased sales price than you invested. The Canadian Appraisal Institute advises prospective sellers to proceed carefully when upgrading as improvements may not offer you a dollar-for-dollar reimbursement. Even if you undertake a total kitchen renovation, you can spend thousands and get a 75% -100% ROI. It may not pay off for you to go into debt to add to pay for improvements.
Your goal in the pre-sale renovation is to present the buyer with a safe, clean, neutral, contemporary vibe that does not outprice the home for the area. The improvements are not the same ones you might make for your own comfort or convenience if you were planning to stay in the home for decades.
What Upgrades Should You Make In Your Kitchen?
When you are considering less than a total overhaul, what improvements pay off, according to the appraisal group?
– Update kitchen cabinets by resurfacing doors and upgrading hardware or by painting them if they are would
– Replace out of date lighting fixtures
– Splurge on new plumbing fixtures, such as a faucet and even the sink if your current one shows wear
– Replace the floor if it is worn out, preferably with wood. Porcelain tiles or vinyl cost less than look great if the hardware is out of your budget
– Change the countertops if they are old and stained, preferably with stone, which buyers love, if you can afford
– If you aren’t upgrading the appliances, at least make sure they match
Questions To Ask Before Remodeling.
In planning what to upgrade, there are several things that you should keep in mind.
What is the standard for the neighborhood?
If you live in an area with upgraded homes, you may have to invest in granite counters or other amenities to be competitive.
Have you kept up with repairs and maintenance?
If not, you may need to put money into the kitchen just to make the house saleable, plus a little more to make it appealing.
Are you preparing your home or an aging parent’s home ready for a quick sale?
Unless the home is extremely outdated, you will want to opt for basic improvements for a kitchen upgrade. Just painting the cabinets and wall offers nearly double your return on your investment in a can of paint.
Will your improvements be DIY or will you be calling in a contractor?
If you have minimal skills in home repair and maintenance, it will be worth it to spend a little more on professional work. Prospective buyers shudder at poorly done renovations, which they will have to redo.
Call Me For Advice Before You Remodel
Doing some remodelling in your kitchen may be necessary for you to be competitive enough to sell. Before you start renovating, give me a call so that I can advise you as to what’s worth it in the greater Halifax area
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
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|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here|