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I have a 17 yr old home in a neighborhood where the average selling price is $200K. The kitchen is fine for now but will need to be updated when we sell it in 3-4 years. I want to do some of the updates now so we can enjoy them. Will we recoup an investment in fancy countertops (i.e., granite, etc.), an undermount sink and tile or wood floors, or are we better off using materials that look upscale but aren't top of the line?
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Posted: Jul 25, 2008 at 11:29 AM
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Hello Susan,
For buyers it all in a presentation. People are not buying houses, tey are buying homes, they have to invision themselves in that kitchen, it has to be appealing to them. Moreover, the overall value on your house will increase and you will recoup the money you invest in the renovetion. Remeber, kitchen is the most important room in a house.
I hope that helped.
You can email me at info@yelenasdesigns.com, should you have any questions.
Thank you.
Yelena
Yelena's designs
Jan 2, 2009 at 9:28 PM
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Hi Susan-
Great question and one that is asked often by Sellers and Buyers alike.I would take an opportunity to check out the competition in your specific neighborhood and surrounding areas.I would take notice as to what would help set your home apart if you were to put it on the market as of that moment.In my experience you can never go wrong with a high-end kitchen. However, you don't want to over-invest either.I hope this helps.If you are interested in a free real estate consultation from a local Realtor,I can be reached at kristi@kristiporter.com
Dec 23, 2008 at 9:34 PM
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You can also walk through open houses in your area. My wife and I always take the opportunity to check out any open houses that come up in our area. Then keep an eye on what sells and what the sale price is. That will give you a great understanding of what your market can support.
Jul 28, 2008 at 11:44 PM
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I think the easiest way to assess what is comparable today, is to go to a new construction project close to you, that has homes at a similar price as you think the value of your home is. Then look at the kitchen. What does it look like? Does it have granite counter tops, maple cabinets, and stainless steel appliances? Then that's your answer.
In my market in Phoenix, we see older homes that cost 2 or even 3 times as much as nearby new construction homes which do not sell because they have laminate counter tops, old oak cabinets, and/or vinyl flooring.
A nice money saver, by the way, is to do an overmount sink versus undermount, if you do granite.
Jul 25, 2008 at 12:56 PM
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