Sellers are advised not to spend more than 10% of their property’s value on remodeling a kitchen if the investment is to be worthwhile. However, since the kitchen is the most important room when it comes to selling a residential property, some refurbishment is often a good idea, and a new kitchen can help increase interest in the property, as well as raising the home’s value. If a client is unsure how much remodeling is appropriate for their property, realtors can advise them in a few key areas.
Keep it open and bright
According to a survey by NAHB, 86% of buyers would prefer an open plan kitchen and dining room: the trend towards open plan living spaces continues to be strong. Particularly in older homes where rooms are small, knocking down walls to create an open floor plan can be a good strategy in increasing a property’s value.
Potential buyers are drawn to open, bright spaces in which they can envisage entertaining without being away from their guests. Allowing light to filter in from the living areas creates a bright appealing space, with rugs and furniture placement used to mark different areas of the space. A kitchen island is a good addition in this case: it allows for maximum work space and provides a focal point in the kitchen area. Under-cabinet lighting can make the space seem more inviting, and further demarcates the kitchen space.
Stylish new appliances can make the whole kitchen seem more modern, and even if the seller plans to take some of these with them when they move, they can make potential buyers believe the home is a good investment. This is particularly important for built-in appliances that will remain in the property once the sale has gone through, so sellers planning to remodel should be advised to consider ultra-modern updates like induction cooktops. These have the added appeal of being more energy efficient, which is a further draw to potential buyers. If you advise clients to change their appliances, however, encourage them to learn how to keep them performing at their optimum level so they’re in top condition for the new owners.
The appeal of convenience
Buyers are looking for maximum storage and clever uses of space. Sellers should be encouraged to install islands with built-in cupboards and drawers that utilize space efficiently. Wasted space can be filled with extra drawers, and cupboards can be utilized to their maximum potential if a Lazy Susan is included in the design. Encourage sellers to make use of all the space in any new kitchen design: buyers will be drawn to convenience.
Many sellers look for guidance when remodeling their homes for resale. By keeping up to date with what potential buyers will be drawn towards, realtors can guide them to get the most return for their investment.