It's important in today's housing market to gain any advantage you can when it comes time to sell your home. Your kitchen can make the difference between a home that sells quickly and one that stays on the market.
A kitchen isn't just the place where we eat and prepare food. We spend time with our family there; we use our kitchens to entertain guests; they are often the focal piece to a family room.
And when it comes time to sell your home, your kitchen becomes the showpiece of your house. Think about it this way: Virtually every guest who comes into your home will see or enter your kitchen. The same holds true for prospective buyers. That's why an updated kitchen will help a home sell faster.
Renovations, labor intensive, but worth it. A kitchen can be the most expensive room in a house to update and/or renovate, and the extensive labor involved can last for weeks and months at a time. In other words, you're not just adding a layer of paint and keeping the area clean.
Duration and costs will fluctuate depending on the work involved. Overall, though, renovations will last anywhere from a week to months, and the cost to update flooring, tiling, cabinets, counters and appliances will cost at least Ten Thousand dollars €" often times much more.
Why not include a renovation allowance? The reason, Realtors say, is that most prospective homeowners want a ready-to-move-in kitchen. Potential buyers don't want to deal with the hassle of renovating or updating a kitchen.
How much is too much? Know your neighbourhood before doing any renovations €" especially your kitchen. If homes in your neighbourhood are selling for Two Hundred Thousand dollars with nice, functional kitchens, for example, then you don't need to spend Fifty Thousand dollars worth of renovations and upgrades. Doing so, in fact, could hinder potential sales. The reason is simple: You don't want to price yourself out of the market.
The opposite is true, too. If you live in a higher-end home, and the other homes for sale in your neighbourhood come with the latest kitchen appliances, flooring, cabinetry, etc., then it's time to think about more extensive upgrades.
You can gauge what the competition is doing by checking out the MLS listings, visiting open houses or even asking your Realtor for his or her advice.
What are buyers looking for? Maybe you took excellent care of your kitchen over the years. All appliances work well, and things like countertops and flooring are undamaged and well maintained. If that's the case, and your home and other neighbouring homes are older, your kitchen renovations could be relatively simple and inexpensive.
But if other neighbouring homes' kitchens come with more bells and whistles, then sellers would be wise to follow suit. Solid wood cabinets €" especially those that are custom made €" are a big selling point. Countertops make a big difference, too. Check to see if neighbouring homes have granite, travertine or marble counter tops.
Appliances, though, are often one of the biggest selling points of a kitchen. Simply put, prospective buyers don't want to deal with the potential headache of having to replace older appliances. Stainless steel appliances and a new dishwasher, refrigerator and/or oven can make a big difference in how fast your home sells.
Spending the money now will save you later: While renovating a kitchen can be challenging and expensive, it can also make a big difference for how long your house stays on the market. The money you spend now could save you thousands later if it helps you sell your home faster.