HEREโS ONE THING YOU SHOULD DO BEFORE RENOVATING TO GET THE HIGHEST ROI POSSIBLE
Saturday Apr 30th, 2022
๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐?
๐๐๐ง๐’๐จ ๐๐ฃ๐ ๐๐๐๐ฃ๐ ๐๐ค๐ช ๐๐๐ค๐ช๐ก๐ ๐ฟ๐ค ๐ฝ๐๐๐ค๐ง๐ ๐๐๐ฃ๐ค๐ซ๐๐ฉ๐๐ฃ๐ ๐ฉ๐ค ๐๐๐ฉ ๐ฉ๐๐ ๐๐๐๐๐๐จ๐ฉ ๐๐๐ ๐๐ค๐จ๐จ๐๐๐ก๐
When it comes to getting ready to put your house on the market, there are a few things we all know to be true: (1) There’s no harm in a fresh coat of paint, especially if it’s neutral. (2) Decluttering is a must (because it makes it easier for people to imagine themselves in your home). And (3), ๐ป๐ผ๐๐ต๐ถ๐ป๐ด ๐๐ฒ๐น๐น๐ ๐ฎ ๐ต๐ผ๐บ๐ฒ ๐พ๐๐ถ๐๐ฒ ๐น๐ถ๐ธ๐ฒ ๐ฎ๐ป ๐ฒ๐ฝ๐ถ๐ฐ ๐ธ๐ถ๐๐ฐ๐ต๐ฒ๐ป. Even amid the pandemic, where flaunting at-home gyms, “cloffices” (aka closets that double as home offices) and botanical-gardens-meets-theme-park-worthy backyards have become trendy perks, people still obsess over the kitchen. It’s no wonder it’s called the heart of the home.
“๐จ๐ฝ๐ด๐ฟ๐ฎ๐ฑ๐ฒ๐ฑ ๐ธ๐ถ๐๐ฐ๐ต๐ฒ๐ป๐ ๐๐๐๐ฎ๐น๐น๐ ๐ต๐ฎ๐๐ฒ ๐๐ต๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐๐ ๐ฟ๐ฒ๐๐๐ฟ๐ป ๐ผ๐ป ๐ต๐ผ๐บ๐ฒ ๐๐ฎ๐น๐๐ฒ, ๐๐ผ ๐ถ๐ณ ๐๐ผ๐’๐ฟ๐ฒ ๐ด๐ผ๐ถ๐ป๐ด ๐๐ผ ๐ฑ๐ผ ๐ฎ๐ป๐๐๐ต๐ถ๐ป๐ด, ๐ถ๐’๐ ๐ฎ ๐ด๐ผ๐ผ๐ฑ ๐ฝ๐น๐ฎ๐ฐ๐ฒ ๐๐ผ ๐ณ๐ผ๐ฐ๐๐ ๐๐ผ๐๐ฟ ๐ฒ๐ป๐ฒ๐ฟ๐ด๐,” says Beatrice de Jong, consumer trends expert at real estate listings service OpenDoor.
Large, open kitchens with stainless steel appliances remain in demand, she adds. But before you start planning an HGTV-caliber remodel, there’s one thing you should do first to ensure you’re getting the highest ROI possible: “Look at other homes in the neighborhood to see what they have as the standard,” de Jong suggests.
Check Out the Comps First
Yep, that’s right—a little friendly snooping goes a long way. Just like you’d scope out the comps, or comparable homes, in the area before placing an offer on a house (to ensure you’re getting a fair price), you should see what types of appliances and upgrades are included in the homes listed in your neighborhood.
“It’s really easy to overspend on a remodel,” de Jong explains. And what’s trending in Chicago or top-of-the-line for Dallas may not be the best bet for your area. “If you buy a Sub Zero fridge—those can cost $15,000—you probably won’t see a good return on that unless you live in Beverly Hills, You can spend $100,000 on a kitchen easily, but that doesn’t mean it adds $100,000 to your home.” In the words of our expert, you don’t want to over-upgrade.
Consider Your Buyer’s Needs—But Don’t Obsess Over ‘Em
To that end, it’s worth thinking about your potential buyer. Who’s most likely to be attracted to your home and the surrounding neighborhood? Do you have great schools and plenty of parks nearby? In that case, maybe young families are your target market. (Your real estate agent will have great insights here.) And, if that’s the case, you might see that Carrara marble is trending. Our tip? Opt for quartz instead. This is an easy way to get in on the popular detail—with the durability families like and a more budget-friendly price point that works for you.
That said, don’t obsess too much here. It’s more about working within your budget and what people are looking for in your area than appealing to a specific buyer. “In general, less is more when thinking of other buyers,” de Jong says. “You want to give them some room to imagine the space as their own.” The more niche you go, the narrower your funnel of potential buyers (hence why cloffices may be trendy, but they might not be the best use of your reno budget, compared to general kitchen or home upgrades.) Whatever you can do to make the kitchen feel light, bright, open and clutter-free, the better.
Oh, and one more thing: “If you’re remodeling for yourself, by all means, buy the best of the best, if that’s going to make you happy,” de Jong says. So, you have our permission to go after that Sub Zero life, if it’s been your dream and if you plan on staying in the house awhile.
๐๐ณ ๐๐ผ๐ ๐ฎ๐ฟ๐ฒ ๐๐ต๐ถ๐ป๐ธ๐ถ๐ป๐ด ๐ผ๐ณ ๐๐ฒ๐น๐น๐ถ๐ป๐ด, ๐ฏ๐๐ ๐ฑ๐ผ๐ป'๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฒ๐ฟ๐ฒ ๐๐ผ ๐๐๐ฎ๐ฟ๐ ๐ผ๐ฟ ๐ต๐ผ๐ ๐๐ผ ๐บ๐ฎ๐ธ๐ฒ ๐๐ผ๐๐ฟ ๐ต๐ผ๐บ๐ฒ ๐๐๐ฝ๐ฒ๐ฟ ๐ฎ๐๐๐ฟ๐ฎ๐ฐ๐๐ถ๐๐ฒ ๐๐ผ ๐ฝ๐ผ๐๐ฒ๐ป๐๐ถ๐ฎ๐น ๐ฏ๐๐๐ฒ๐ฟ๐, ๐ฝ๐น๐ฒ๐ฎ๐๐ฒ ๐ฐ๐ฎ๐น๐น ๐บ๐ฒ. ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ๐ ๐ฐ๐ฎ๐ป ๐ฏ๐ฒ ๐ฑ๐ผ๐ป๐ฒ ๐ฏ๐ ๐พ๐๐ฎ๐น๐ถ๐๐ ๐ฟ๐ฒ๐ป๐ผ๐๐ฎ๐๐ผ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐ฑ๐ผ๐ป'๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐ฏ๐ฒ ๐ฒ๐ ๐ฝ๐ฒ๐ป๐๐ถ๐๐ฒ. ๐ ๐ต๐ฎ๐๐ฒ ๐ฎ๐น๐น ๐๐ต๐ฒ ๐๐ผ๐๐ฟ๐ฐ๐ฒ๐!
Real Estate Broker
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