Most worthwhile kitchen renovations to invest inDate posted: 8/9/16 09:00:00 AM
If you are looking to sell your home, one of the spaces many interested buyers are most critical of is the kitchen. According to This Old House, kitchens and bathrooms are often what people care about the most. So, spending money on this area of the home will help increase overall interest in the property and may boost resale value.
However, not everyone has the budget for a chef kitchen, even if that's what many individuals want when seeking the home of their dreams.
Fortunately, you can still make a lasting impression on interested buyers by following these tips and tricks for a worthwhile and more affordable kitchen remodel:
You don't have to spend a great deal
Many homeowners actually make a huge mistake by spending far too much on their home's kitchen, noted HGTV. You do not want to take on a remodeling project that the actual value of your home can't support.
Typically, you only want to spend between 6 and 10 percent of the value of the home on this space.
"Here in Manhattan, if you do not list a certain brand of refrigerator at certain addresses, it can devalue your apartment," noted Roberta Bauer-Kravette, LEED AP, AKBD and director of Nieuw Amsterdam Kitchens, according to HGTV. "The wrong appliances for the area can bring down the perceived value of your kitchen and property."
Consider touring neighboring properties to get a feel for the features present in other kitchens. This will help you select which home features to invest in.
You don't want to spend more than the neighborhood's typical home value as this can leave you with buyers who have smaller budgets. Unfortunately, you may have difficulty selling the property, or you may need to sell for a lower price than you would have otherwise wanted.
Invest in minor improvements
Replacing appliances and a fresh coat of paint can work wonders for any home. This Old House emphasized that minor improvements can pack a punch without draining your bank account.
"If you take $20,000 and spend it judiciously on a kitchen, you can make it look a million times better," noted Jim Cory, a senior editor for Remodeling, according to This Old House. "The design and product selection are key."
Do it yourself
To save money when working with a tight budget, consider investing time instead of money into your remodeling project. There are some things that can be done on your own.
However, if something requires more experience or craftsmanship, it will be more worthwhile to hire a professional as you can lose money if a specific project is not completed or installed correctly.
Be timeless when remodeling
While you might adore an orange kitchen, the interested buyers touring your home at an open house might not. Instead of going with personal tastes, go for a timeless look that the majority of today's buyers can appreciate.
You may want to reach out to a professional real estate agent in the area to ask about what features and colors are most popular among buyers.
Find affordable alternatives
Currently, granite countertops are very popular among interested buyers. However, they can be quite expensive. Instead, look at more affordable options, like soapstone or steel. These materials are beautiful and not nearly as expensive as customized granite.
Investing in your kitchen before selling a home is a great way to appeal to a higher number of buyers. However, you'll need to consider a few factors before diving into this project.
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