While some homeowners might think that big list amenities are more cash in the seller’s pocket, the truth is that quick, easy updates to your home are the best way to make sure you’ll net more money at closing.
Big upgrades such as covered decks and finished basements tend to cost much more than sellers make back, even in markets like ours. However, there is one room where investing is almost guaranteed to add value to your home and quality of life: the kitchen.
Why invest in the kitchen?
If you’re going to remodel any section of your home, the right answer is always the kitchen. When we tour potential buyers through homes here in Woodinville and the surrounding area, the kitchen is almost always the dealmaker or deal-breaker.
It can be expensive to remodel even minor aspects of the kitchen, but you will use this area every day and get constant satisfaction from the amenities available—and so will the future owners of this home. So, when it comes time to sell the home and move on from these rooms, you’ll actually see the money you spent returning to your pocket.
Major kitchen upgrades can wind up costing a lot; the price can range from $22,000 minor to $53,000 for large-scale remodels. The lower budget includes new countertops, floor and fixtures as well as cabinet refacing, which cannot be underestimated. New cabinets can give the kitchen a completely updated look and feel.
But you don’t need to spend a lot of money to add value to your kitchen. Some of these lower-budget upgrades tend to be the most profitable when it comes to selling. Whether you’re just upgrading the sink and faucet or updating to some shinier appliances, this isn’t frivolous buying—it’s a small, safe investment.
Instead, focus on those important cosmetic projects that don’t require financial risk such as applying a fresh coat of paint, polishing and oiling wood surfaces like cabinets and tables, and making sure your faucets are all up-to-trend.
The big goal is to avoid having a kitchen that looks dated. Nice and shiny steel appliances are a huge asset. Usually, sellers get about 80% or less of the cost of kitchen remodels back on their home sale price. However, buyers are demanding move-in-ready kitchens now more than ever. This means that today, the right upgrade could result in a full (or better) return on investment. And while there are big projects like new countertops that can cost a few thousand dollars, you can also focus on faster and more inexpensive upgrades like cabinet faces and hardware.
Be sure to make the most of your home while you’re spending so much time in it. The spring season is a great time to improve your quality of life in both the present, and when it comes time to sell.
Most homeowners focus on selling during the spring and summer. That means the supply/demand ratio tightens during the spring, so sellers have more competition this time of year.
It’s never been more important to market your home aggressively. Professional photography, video tours, broker-to-broker marketing, and an all-encompassing multi-channel campaign spreading your home to the four corners of the country can add double digit percentage points to your sale price.
I’m happy to share these tips and am proud to offer years of experience maximizing the spring market to sellers here in Woodinville and the surrounding area. Give me a call at 206-504-3660 to further discuss your options in this once-in-a-lifetime market. Now is the time for sellers to take advantage of the potential profit out there!