The famous kitchen. If you plan to live in your home for many years and you want to enjoy an updated kitchen, go for the greatest kitchen you can afford. However, if you plan to renovate the kitchen in hopes of raising the home’s value and increasing your profits at its sale, be warned. On paper, kitchen renovations are usually only worth about half of what homeowners spend on them — even less if you go too gourmet. New granite countertops, new tile flooring, a new brushed stainless steel sink, and a sophisticated cabinet system with a hideaway refrigerator — these things and more might be your dreams coming true, but that doesn’t make them the appraiser’s nor potential buyers’. If remodeling is a must, treat with caution and avoid overspending. In general, the kitchen is the heart of the home, so it will impress potential buyers to have a nice one. However, you will not realize a 100% ROI on a kitchen remodel. No one is telling you to hang onto the plaster or old ceramic sink, but it would be smart to tread with caution. Take a dip elsewhere. It could save you thousands, sometimes even tens of thousands. Before installing an in-ground pool prior to sale in the hope of adding value to your home, think this through. Pools are for homeowners who want to enjoy them — and maintain them, and service them. They are not a particularly strong draw to home buyers. There are some possible exceptions, of course. Do you live in Southern California or Florida? In that case, a pool might well be an important element for more than a few potential buyers. If you live in a state that experiences real winters, though, an in-ground pool holds less value than in the states where the sun hardly sleeps. You may argue that you can have a heated pool in an enclosure, but then it becomes a question of adding the pool for your own enjoyment. Regardless of whether you
13
Powered by FlippingBook