Should You Renovate Your Kitchen Before Selling?
December 21, 2018 | kcallender
Will renovating your kitchen bring you higher offers?
When you start thinking about selling your home, making an investment in
kitchen upgrades can have a huge payoff. Kitchens are one of the key things that buyers look at when they are shopping for a home. A newly renovated kitchen can help you get the most money for your home and sell it faster. Any renovations that don't accomplish these goals is not worth the effort and money.
The thing to keep in mind is that it is not how much you spend for the upgrades. The impression your kitchen gives buyers when they look at it is the most important factor when you are making decisions about what to invest in.
You want buyers to fall in love the second they walk in your new kitchen. You should go for the "wow" factor when you are thinking about kitchen upgrades.
If you have an older kitchen when you sell your house, this will make an impression on buyers that you don't want. People tend to start adding up the costs to upgrade and repair things in the home and they tend to over estimate the costs. This could show up as a lower offer if they decide that they want the house.
In a sellers market it could be ok as buyers in a high demand market tend to view things differently than a buyers market. In a high demand market buyers tend to view upgrades like this as a blank canvas they can add a personal touch to. On the other hand, when demand is low, you want buyers to be able to think of your home as "turn-key" and not as a project they have to tackle right as they move in.
Consider Your Budget
The biggest factor in what renovations and repairs you make will be your budget. How much do you have to spend when you are getting your house ready for sale? You want to maximize your return on investment when you look at what items to put on your list.
If you have a limited budget of $500-$1,000 for your kitchen projects, the best invest will be in a fresh coat of paint and new laminate counter tops. These things will add a fresh clean look to any kitchen. Check with your listing agent on what things would give you the biggest bang for your buck.
Consider Your Timing
Cost is not the only factor to consider when looking at kitchen renovation ideas. Time is another big consideration to keep top of mind. If its coming up on prime selling season (spring) and your renovation will take months to complete, you could miss out on the most competitive time of year for sellers. A perfect kitchen in the middle of the slow market season may not bring you the top dollar you wanted.
The best thing to do is talk to your real estate agent when you are tying to decide to list your house now or put the time into making renovations first. They will discus your goals with you. Do you need to sell your home quickly, or is getting top dollar the most important thing? Bellanor Realty Group agents will offer you the advice you need to make the best decision when it comes to selling your home.
Mistakes Sellers Make When Renovating Their Kitchens
The “step-up” flooring- This happens when homeowners just put new floors directly over the top of the old ones, instead of taking the old floor out first. Have you ever been in a home and going into the next room was 2-3 inch step up? Do you think the original design was a tripping hazard like that?
This is a good indication that the old floor was never removed when the new floor was installed. Now you have multiple layers of flooring in place. This can be a trip hazard. and can cause other problems as well depending on what the flooring is. This is the cheaper and faster way to install new floors but it is not the right way to do it. The right way to do it is to remove the old floor first.
The “expensive counter-tops on old cheap cabinets trick"- Everyone knows what old cheap cabinets look like. If you have them in your home, you don't necessarily need to replace them. Don't spend a couple thousand dollars on new counter-tops just to put it on top of busted old cabinets. This gives the impression that you are trying to pull one over on buyers.
If you are going to put the time and money into redoing your kitchen, make sure you are picking the projects that will give you the best return on your investment, but don't take shortcuts. Renovating your kitchen will totaly change thee look and feel of the home, and could sell your home faster and for more money.