How to add the most value to your home with a Kitchen Remodel
It’s no surprise that the kitchen is the most important space in the mind of potential home buyers. And if you have the budget for it, a full kitchen remodel on your older home can do a lot to increase your face value!
However, it’s important to remember that remodeling to sell is not the same as remodeling for yourself. Not all of your dream upgrades will guarantee you make back every penny you spend. So what renovations will actually add the most value to your home?
Keep up with the Joneses
If most homes in your neighborhood feature luxurious granite countertops, Buyers may be disappointed in the laminate surfaces in your current kitchen - and expect to pay less for it. In order to list at the same price as your neighbor, you’ll have to invest in new countertops. Otherwise, you’ll have to settle for selling at a lower price point.
But keep in mind though that this simple rule goes both ways! If your house is valued in the low or mid-range, installing high-end countertops can actually hurt your home’s value. When your upgrades feel extravagant for your neighborhood, you’re losing out on two fronts: Buyers who are interested in your neighborhood won’t be able to afford your asking price, and Buyers who are interested in your home may prefer to buy a home in a nicer neighborhood, with more houses of the same caliber.
The take-away: Consider the value and features of other homes in your area. Use this opportunity to bring your house up to the same level. Visit open houses in your area to get ideas on what you need to add to your own house, and what small features you can add to set your own house apart from the rest.
Avoid making highly personalized design decisions
Your idea of a dream kitchen probably isn’t everybody’s idea of a dream kitchen. When remodeling in resell mindset, avoid making highly personalized design decisions. Choosing an beautiful, ornate cabinet style may be perfect to you, but to a potential Buyer it may appear old and outdated.
A much better option is to stick to neutral, timeless designs. When it comes time to sell, the last thing you want is for your Buyer to factor in the money they’ll need to spend changing the kitchen to suit their own tastes to their offer on your home.
The take-away: Design your kitchen with a simple, timeless eye. Opt for neutral color schemes and simple styles, and focus on adding features that Buyers innately look for in every home, such as optimized storage space.
Small details matter the most
While you should avoid complex designs, don’t underestimate the influence of small details on your kitchen. A new tile backsplash can bring a kitchen color palette together, and it only costs a few hundred dollars in materials. You can also put careful consideration of into the functionality of your kitchen. Will moving your range take your kitchen from cramped, to spacious? Or will adding in a kitchen island add some much needed counter space?
Small details like these can add quite a bit to the perceived value of your home when you are ready to sell. They’re also relatively cost-effective and have a high Return on Investment, allowing you to recoup most, if not all of your cost.
The take-away: Stand back and take a thorough analysis of your current kitchen. What details can you add or change that will give a better first impression of your home? Especially take note of your backsplash, cabinet condition, and hardware, as these have a great impact on the overall feel of the kitchen, and ultimately your home.
Overall, the best strategy when remodeling to sell is to take a step back and see your home from a Buyer’s perspective. If you need an unbiased opinion on your kitchen, or need help in choosing features for your remodel, set up your free Design Consultation with a Founder’s Choice designer today. They will get you started in the right direction, and make sure that your remodel goes as smoothly as possible!