What You Need to Know About Resale Value
Compare two houses side by side. Square footage, number of beds and baths, neighborhood, yard – all of these factors are the same. One has a sparkling new kitchen, which is bright, airy and spacious, with great counter tops, flooring and appliances, and the other is an outdated kitchen a bit past its prime. Which home do you think is purchased 10 times out of 10?
The kitchen remains one of the most important factors prospective buyers consider when shopping for a home. A kitchen remodeling project in Wichita therefore makes a positive impact both on how long a home is going to take to sell, as well as its resale value.
The good news is that huge kitchen renovations aren’t always necessary.
A series of relatively modest, smart updates and finishing touches performed by an expert home remodeling contractor can make all the difference. While sometimes it makes sense to tear everything down and start new, in many cases, that won’t be necessary in order to produce the desired results of bringing an outdated kitchen up to date.
Consider some eye-catching components to any kitchen that can be replaced for a small investment. That includes a new sink and faucet, as opposed to entirely new counter tops. Or perhaps shiny new cabinet handles, as opposed to new cabinets from top to bottom; or improved lighting fixtures, which can open a space up without knocking any walls down.
Instead of buying new appliances, in some cases, new appliance face panels can be ordered to give everything a fresh, and cohesive look. A paint job or a wall back splash can liven up the space as well without any major projects being undertaken.
In terms the uptick to the house’s resale value, many remodeling contractors estimate that the value received is up to 75 percent of a project’s final cost. That of course depends on the exact improvements that have been made, but one thing is for sure, the home will sell quicker, and easier, offering a far less stressful experience along the way.
It’s not just about resale.
Of course, it’s not all about home’s ability to sell quickly or its resale value, either. A kitchen remodel is at the top of many homeowner’s wish list because of the importance and role of the kitchen for most families. An outdated kitchen can set the tone for the entire home.
It’s not just for preparing food, is it? Certainly, new appliances, more counter top space and convenient storage all help with that. But, think about when friends are over: where does everyone end up congregating? When the family is discussing the day over a meal, where does that take place? Where are casual breakfasts served up as the family relaxes together on the weekend?
For many families, the kitchen is truly the focal point of the home. It’s where gatherings are held and quality time is spent. That means, on top of the benefits of improving a home’s resale value, a newly remodeled kitchen is an investment into maximizing those experiences, and fully enjoying that space.
When the house is about the hit the market, revamping the kitchen will add value, and will help the home sell. But even when a home sale isn’t in the immediate future, a kitchen remodeling project is always a wise investment.
Editor’s Note: This article was originally published in March, 2016 and was updated in August, 2020 for accuracy.