To Renovate Your Kitchen or Not Before Selling? That is the Question
Wednesday Oct 20th, 2021
Is your kitchen outdated? Does it lack a wow factor? If so a refresh or minor renovations might make your kitchen stand out and help sell your home quickly and for more money. It comes as no surprise that the kitchen is one of the most important spaces to potential buyers. So, ensuring that it stands out in a buyer's mind is key to selling quickly and for your asking price.
Considering your budget should be at the top of your list when you are thinking about renovating your kitchen before selling. How much are you willing to budget to prepare your home for sale? Is the return on investment of a kitchen renovation worth the expense and time it will take to do? Should you freshen up the paint with a neutral colour? Should you replace cupboard hardware? Would new countertops and cabinets increase your homes worth? I am able to supply direction on which improvements to prioritize in order to make the biggest impact.
If you are planning to put your house on the market in time for the hot Spring market, you will want to ensure that the renovations are done much sooner than that. On average a kitchen renovation takes anywhere from 3 to 6 months to complete. Is it better to list as is, or wait and renovate? Discuss your goals with me, do you want to sell quickly, or for more money? I am here to help you make the best decision for your goals.
“Tricks” to Avoid When Renovating
- The “step-up” trick – don’t put new floors on top of old floors
- The “expensive countertops on old cheap cabinets” trick – replacing the countertops and not updating the cabinets (that need replacing), just makes it seem like you are trying to fool potential buyers. Some cabinets are still in great shape and a new countertop is great.
Small Changes, Big Impact
A deep clean, fresh coat of paint and updated light fixtures and hardware might be all it takes to give your kitchen the boost it needs to help sell your home quickly. You would be amazed at what a neutral paint job and a deep clean can do to freshen up the space and make it feel new.
What Do Comparable Homes in the Area Look Like?
Before putting the time and expense into a kitchen remodel, look at homes in your area that have sold recently and are comparable to yours. Did they have newer/remodeled kitchens? If they did, how much did they sell for? Find a home with a remodeled kitchen and one without. Was there a noticeable difference in selling price and time on the market? Looking at other homes in your area will help in figuring out whether a remodel is merited or not. If other homes that have sold recently didn’t remodel, then potential buyers are not expecting brand new features. However, if the homes that have sold recently did have newer kitchens, it is a good sign that you should give your kitchen an update before putting it on the market. As your real estate agent, I am able to help you find comparable homes in your area and aid you with deciding on whether a kitchen update is in your best interests.
Keep in mind, that potential buyers will have their own thoughts on a dream kitchen. Renovating the kitchen to suit your ideal, could be a waste of money and time. According to Remodeling Magazine, minor kitchen renovations such as replacing dated appliances, repainting, countertop upgrades, and new flooring can lead to a 72.2% recoup in your costs by increasing your home's value. Factoring in budget, comparable homes and timing will help you decide whether a remodel is in your best interest before selling your home.
If you are putting your house on the market, spending too much on a kitchen remodel may not make the most financial sense. The value of your home will determine how much you should spend on a kitchen renovation. A simple upgrade I have done in two of my own homes was to add an island and to remove and replace an existing island with a custom piece. Your island does not need to be the same material as your cabinets. Smart renovations and the right updates can increase the value of your home and help attract as many potential buyers as possible. A kitchen renovation shouldn’t break the bank, after all, most people aren’t expecting a brand new, ultramodern kitchen. Sometimes, a few minor renovations and updates will refresh your kitchen’s look and pay off when it comes to selling your home.
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