I know many of you may be yearning to add new upgrades to your home, but will it help the resale value? Before you hire a contractor to help increase the value of your home, find out which renovations are most likely to pay you back. For the short-term (less than 5 years), I recommend that you be budget conscious about what you’re doing. But if you’re going to stay for awhile, look for what you will enjoy.
For this series, let’s take a look at KITCHENS.
Typically, kitchens are the most expensive of all rooms to remodel, but you’ll also enjoy a big gain in sales price – as most as 80% of what you spent (according to Remodeling magazine Cost vs. Value Report 2007).
If resale is your top priority, go for broad appeal.
· When replacing or adding cabinets, use lighter woods and nothing too contemporary.
· Stick with features and finishes common to your neighborhood and to the kind of house it is. Don’t put granite countertops in a starter home, for instance.
· Ask local salespeople what sells best.
· Change out cracked and stained countertops, but not always with pricey granite. Less expensive options include ceramic tile and concrete.
· Select up-to-date appliances. If you’re on a budget, visit retailers that sell secondhand appliances or those almost as good as new.
If your taste runs more contemporary and you’re longing for pendant lighting and zinc countertop, that’s OK, but plan to enjoy the room before the house goes on the market. Then hope that someone with your tastes show up. (Remember it is a buyer’s market)
Keep in mind that if the kitchen is shabby to begin with, any upgrades will help impress potential buyers
Next time, we’ll take a look at BATHROOMS.