KITCHEN AND BATHROOM
Kitchens and bathrooms are pivotal rooms. These two areas can make or break a sale. When shopping for a home, many buyers want an updated, clean, appealing, and functional kitchen and bathroom. In fact, most buyers, when they’re considering a home purchase, look at and assess kitchens and bathrooms first, before anything else. When considering home improvements, you’ll need to focus on these two areas to get the biggest bang for your buck. In most cases, upgrading the hardware and other pieces of the kitchen and bathroom will be worth it when you put your home on the market. Now, remember what I said about major remodeling projects. Don’t assume that you’ll get dollar-for-dollar value if you undertake a major renovation project. Think back to that example of the unnecessary $20,000 kitchen remodel. Don’t make that mistake. You want to be aware of what constitutes a substantial investment. The key is to consider the mass appeal for the sake of resale value. So, when it comes to kitchen resale value, consider giving your kitchen a “facelift” rather than an entire renovation. Here’s an example of a kitchen “facelift”: One homeowner decided to add more cabinet space and a new backsplash in the kitchen, and then updated the appliances and refinished the flooring. The total cost was just $4,000—compared to the ~$20,000 for a complete kitchen remodel. So, what happened as a result of this improvement? The seller kept the price comparable to sales in the area and ending up selling for $27,000 mo re t han the asking price because interested buyers started a bidding war! That’s a fantastic ROI!
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