The key to remodeling a kitchen is ensuring that you don’t overdo it with a lot of luxurious items unless you know the other homes in your neighborhood have the same things.
If you invest $80,000 into a new “chef’s” kitchen complete with custom cabinets, beautiful marble countertops, top of the line stainless steel appliances and so on when no one else in your neighborhood has a similar kitchen – it is not going to decrease the value of your home, yet it won’t increase it either.
Does It Count?
Yes, it counts for something that you love your new kitchen, but if you are remodeling for the ROI, you’re just not going to get what you spent back when you sell your home. Careful consideration is needed here.
Create your dream kitchen, but bear in mind that sometimes less really is more. If you are looking for a remodeling job that will directly affect the resale value of your home, it’s the bathroom. When an appraiser performs an appraisal on your home, the number of bathrooms is just as important as the square footage and number of bedrooms in your home. Adding a bathroom to your home adds to the overall value of your home and is very appealing to home buyers, in particular, those with families.
Already have enough bathrooms, but ready to update? Home buyers are especially attracted to “new” bathrooms. If you still have a linoleum bathroom floor, old oak cabinetry, peeling paint and questionable grout, you’re not going to be happy with it nor is it going to make a good impression on a home buyer. The bathroom is the one area where you can incorporate all the luxuries you’d like and still get a return on your investment even if your remodel isn’t the neighborhood norm.
From skylights and a Jacuzzi tub to heated floors and marble all around – this is the place to splurge if you want to.
Keeping one of your most important investments, your home, in tip top shape and knowing which remodeling projects provide the best ROI will help to ensure that when you sell your home, you will recoup what you have put into it and then some.