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We’ve all heard the news about the dire state of the US housing market, but just because the economy is down doesn’t mean selling your home is impossible. Whether you’ve been trying to sell your home for months or thinking about putting your home on the market, a kitchen remodel is a surefire way to add value to your home and reduce time to sell.
Now, just to be clear, we’re No Talking about a complete kitchen remodel from top to bottom. According to the Wall Street Journal, a complete kitchen remodel (with appliances) cost over $54,000 in 2006, and sellers only recouped 80% of that cost! A small-scale renovation is more cost-effective and doesn’t consume as much out-of-pocket capital. The same Wall Street Journal The article noted: “Less drastic jobs, like changing countertops and refinishing existing cabinets, bring better returns…”
The appearance of your kitchen is crucial to selling your house. Of your entire home, the kitchen is probably the only single room that can make or break a sale. As California real estate agent Sherry Lee Cox said in an article on the Real Estate Network, “Buyers typically have a passion for the kitchen in any home they’re considering buying.” So, especially if you’ve used linoleum or Formica countertops that are looking worn, it makes sense to give your kitchen a little refresh if you’re trying to sell.
There are a number of small changes you can make to bring out the best in your kitchen, from replacing an old porcelain sink to adding cheery new drapes. The two best improvements you can make are to replace the flooring and install new countertops; These remodeling jobs are not only relatively affordable, but they also give you the most bang for your buck. That’s because in the last five to 10 years, the market standard for kitchens has shifted away from synthetic materials, like vinyl flooring and laminate countertops, to hardwood floors and stone countertops. For your home to be competitive in the real estate market, your kitchen must meet these standards.
Remember, it’s best not to overdo it when making small improvements as an investment. To recoup as much of your initial out-of-pocket as possible, you need to keep your expenses in check. Focus on the areas of your kitchen that would benefit most from an update, and look for inexpensive materials. For example, imported granite countertops are great, but so are the less expensive engineered quartz countertops.
Today’s most desirable kitchens feature hardwood floors and solid surface stone countertops. Depending on your budget, it’s best to remodel both areas of your kitchen to keep the overall look consistent; Replacing your laminate counters with granite slabs only does much good if your floor is still 20 year old vinyl! The good news is that with all the different materials for stone countertops and hardwood floors available today, you are sure to be able to find quality products that fit your price range.
Also, it’s important to keep in mind that even if you don’t get 100% of your investment back, your kitchen remodel is worth it in the end. Homebuyers will fall in love with your fresh, modern kitchen, while a dated, tired, or nondescript kitchen might turn them off. The improvements you make to your kitchen will invariably be what sells the house: Colorado real estate broker Daniel Johnson talks about two comparable houses in his area, one “with an updated kitchen, listed for $710,000, [that] recently sold, while an identical unit without the new kitchen, listed for $699,000, has had no buyers.” So, even if your investment doesn’t pay back in full, kitchen renovations will attract buyers and produce results. As you say Johnson, kitchens sell units.”