Sunday, April 6, 2014

Remodeling to Stay vs. Remodeling to Sell

The housing market has always and will always continue to go up and down, but one thing will stay the same: remodeled kitchens and bathrooms help sell homes. In many cases, a small to mid-sized remodel of your kitchen or bathrooms can get a return of 80-90% of its budget when you sell your home.

If you’re not looking to sell your home in the foreseeable future, a kitchen or bath remodel is still a good idea, and without the need to please buyers, you can create the space that you love and have always wanted.

To better understand the difference between remodeling for resale and remodeling for yourself let’s take a look at both a little closer.

Remodeling for Resale

The goal of remodeling for resale is to help your house sell quickly and at a higher price point. The only problem is, you don’t know the audience you’re selling to. That means you need to appeal to the biggest audience as possible. This means picking materials and finishes that are most popular.

Some examples being:
  • Granite or Quartz countertops
  • Stainless-steel kitchen sink
  • White painted cabinets or natural wood-grain cabinets with a light finish

Another big seller in the kitchen is the appliances. You should choose a high quality stainless-steel fridge, dishwasher, oven/range, and microwave. Don’t get professional grade appliances, though, they’re overkill for the average resale.

Pay special attention to the cabinets and vanities that you choose for your kitchen and bath. Buyers love little upgrades like soft-close cabinets and waste basket pull-outs, so add them in for that extra little sparkle.

A few extra pointers:
  • Keep your remodel costs at 6-10% of your home’s value to get the best return on investment
  • Buyers expect the outside of the home to reflect the inside, so don’t have hodge-podge styles that change from room to room
  • The best advice is to choose a simple style and color scheme for your remodel

Remodeling for You

The most exciting time for a homeowner is when they decide to remodel for themselves. The biggest thing to remember when beginning this type of remodel is “Do what makes you happy.” Don’t worry about what’s popular or what sells; worry about what you want. Get professional grade appliances in bright green if you want to. Install a marble countertops if that suits your fancy. It’s your home and you can make it exactly the way you want it.

You can also design your kitchen or bath so that the space fits your family’s lifestyle. Build an island in the kitchen with built-in food bowls for your pups, or make the kid’s bathroom exciting for them with a colorful nautical theme. You could even do the unthinkable: knock out a bedroom. Many houses have small bedrooms that could be remodeled into a larger kitchen, or a grand new master bath.

Who is this remodel for? That’s the question you should ask yourself whenever you remodel a space in your home. If it’s for a new buyer with the intention of selling your home, then you should to keep it simple and stick with popular finishes, but if it’s for you then choose the design and upgrades that make you happy.

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