Profiting big at resale with the right kind of kitchen remodel.
You see it all the time. People say you can get 70 % of what you
spend on a new kitchen back at resale.
To me that means you just suffered a 30 % LOSS!!!
On a $60,000 kitchen that's $20,000.
NO! NO! NO!
I want remodeling to bring ALL the money back at resale and then
make MORE $$$. An investment by definition is supposed to make
money. YES!!!
I want to see the $$$.
The other part of remodeling is to make resale faster. People
want great, functional kitchens and top quality appliances.
An interior designer I know told me I know all the cheap ways to
decorate and remodel. But where designers often go wrong is in
over decorating and making choices that don't work well for
resale. The bonus of good brisk resale is my goal. A really
decorated space may actually hurt resale. A real estate
appraiser once told me that relo companies hate to see the
phrase "designer colors". It usually means they will have to
paint the whole house before they can sell it.
Say you are working on a kitchen. What do you do? The following
hints can apply to your whole remodeling project, not just
kitchens.
First, think paint. In any room it's the one single step that
can clean it up and make it look NEW and PRISTINE. An expensive
custom paint treatment may turn many buyers off.
What is the other thing a potential buyer wants to see regarding
paint color?
"Oh, this will go with my stuff," they say as they look at your
hard work. Have you seen their stuff? No, you haven't, so how
are you going to insure it goes with their stuff?
If it's going to go with their stuff IT HAS TO BE NEUTRAL IN
COLOR! It's also good if the walls are a warm neutral somewhere
in the cream, pale yellow, tan or khaki range with white trim.
Your own treasures can bring in accent color and your own
personality, but exercise restraint.
Cabinets can look architectural. Architecture can bring design
strength and enduring beauty to a space more effectively than
decorative items. Think Shaker. It's almost Zen in its level of
restraint. It's also classic design without a lot of decoration
and it's easy on the eye. How will your cabinets look if you
trim them out with a nice crown detail and under cabinet trim
and lighting? That serenity is great for resale. For resale,
less is more.
In the important task of remodeling kitchens for resale, there
are five ways to make money when you sell.
1.Reuse the cabinets if possible. There are LOTS of creative
ways to update cabinets, most involving paint. If you really
hate the doors, just replace them, and reuse the cabinets. For
resale it's better to have them in good repair and clutter free.
New cabinets may cost as much as $50,000 and may only be MDF.
Good old wood cabinets like the ones in many older houses can be
functional. They often need some repair, but the work you do
will make you thousands of dollars. 2. Leave the sink, fridge,
and stove where they are, but get new ones. Many buyers will
view the stove as an ego item like a luxury car. This is the
place to spend the money, not too much. Just enough. 3. Replace
counter tops with a high quality material like granite in
strategic locations. Use something cheaper, but still nice in
other areas. 4. Make the floors work with the look of the house.
Like cork for mid century modern, black and white tile for
Victorian, or slate or wood floors for country. Ceramic tiles
are great and less expensive than other materials. They're great
value. 5. Pulls and handles for cabinets and sinks can be
updated to current style and expectations. It's like changing
your hair so you avoid looking your age.
There it is. Get a great look that doesn't cost $60,000 and
require major construction. If you are handy you can do a lot of
the work yourself. If you feel you can't, hire a professional.
Many vendors of appliances and sinks and fixtures will do
installations and deliveries for free or a small fee.
You don't want a potential buyer to think DIY, but if you do it
yourself, it's really going to save BIG $$$ and make you feel
proud. I have gotten better at doing the work than many people
who claim to be pros. You can too.
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