While there are many great articles outlining the cost versus value of home renovations, the truth is…your home is only as valuable as the neighborhood it’s in. Period. Let me give an example. You buy a $200,000 home in a neighborhood of $200,000 homes and throw $50,000 into a sunroom, renovating the kitchen and bathroom, hardwood floors, and what do you have? If you’re lucky, a $220,000 house. If you’re lucky. Because the bottom line is that people who buy a $250,000 house don’t want to live in a $200,000 neighborhood. They want to live in a $300,000 neighborhood.
More importantly, if you listed it at $250k and sold it to someone unfamiliar with the area, that buyer’s appraiser is going to backtrack and walk out on the deal. ‘Cause appraisers run their offsets off houses that sold in that same neighborhood. And while they may “ooh” and “aah” when appraising your home, that won’t change the facts. Although most of us buy a home based on emotion, lenders don’t lend money because of the warm, fuzzy feeling they get when they see your home.
Think of the worst area of your city. Now think of the best. Take two identical houses; place one house in one area and the other house in the other. See what I mean? What you have is the same house, but two different values. The neighborhood sets the value. The exception to this rule, at least in terms of price flexibility, is the house that is not in a subdivision.
Having said all that, fear not. This item has redeeming value! What he can offer you are tips on which renovations will attract more buyers and help sell your home faster.
The first and main reform is the kitchen. The kitchen is the quintessential gathering place for most of us. I’m not even going to try to analyze what that says about our culture, because it doesn’t matter. We just like to hang out in our kitchens. It is the social center of the home. And because we are a food-based society. . . er kitchen collectors, we want our kitchen to be attractive to our guests as well.
Depending on how useful it is and how much money you are willing to spend will determine the extent of the renovations. If you decide to tear down the walls and start from scratch, keep in mind the principle of the kitchen “triangle” regarding the location of the refrigerator, stove and sink. That simply means that a uniform triangle can be drawn between the three. My own kitchen is more of a K”, but that’s another story!
Depending on the mood you want your kitchen to convey is where to go with the cabinets. Cherry or dark-stained cabinets exude a more elegant vibe, while maple, oak, and lighter woods convey a warm, homey feel. The hardware you put into your cabinets could also have a significant impact. Shiny finishes on knobs and pulls are less desirable than matte-type finishes such as brushed nickel or oil-rubbed bronze. A granite sink is beautiful, if you can afford it!
If you’re just striving to bring your kitchen into the 21st century, even a fresh coat of paint on old, peeling cabinets can make a world of difference. While attractive cabinets are important, countertops are a close second. Avoid ceramic tile countertops, because the thought of keeping the grout clean will put many people off. If you have money to burn, Corian, granite, or even marble is your best bet. If you’re working on a tighter budget and have a knack for routing, you can install laminate countertops yourself. The advice for countertops is to avoid flashy colors. Unlike bold colors on the walls, you can’t make it go away with a fresh coat of paint.
Although new linoleum or vinyl is much better than old linoleum or vinyl for those on a budget, the most popular kitchen flooring would be some type of hard tile or hardwood flooring. Laminate wood flooring is also great, but only if you don’t have wood flooring near the kitchen. It makes a terrifying contrast when ugly next to each other!
You can never have too much lighting in a kitchen, especially if it’s zoned, meaning you have a switch for this section of lighting and a switch for this section. Take your time in positioning the lighting, keeping in mind the location of the work areas you will use the most. The recessed lighting is also a very nice touch. It’s effective without being intrusive and gives any space a more up-to-date look. You may want to consider under cabinet lighting as it adds more direct light to an area, but also creates a warm atmosphere when all other lights are off. Hanging mini chandeliers over a breakfast bar or island are a very nice touch and can be found in both contemporary and classic looks.
If space allows, a work island not only offers more storage and prep space, but is also a great place for guests to rest their elbows while chatting with the cook. A backsplash is always a nice touch to any kitchen, especially tile. The days of the hard plastic backsplash are long gone. Wallpaper as a backsplash is never a good idea, if only for the reason that people’s taste in wallpaper varies as radically as their taste in food.
Although the master bedroom and bathrooms are evenly matched in terms of what draws people in, I’ll turn to the master bedroom next. People want decadence. Not in terms of rich decoration, but in terms of space. Bigger furniture means more space is needed. People love the idea of a seating area, even if they never use it. A dressing room is always a good bet. And while many windows are attractive, think about where you’re going to place your dressers.
Renovating a bathroom can be what takes the longest. If you’re thinking of replacing the pink tile floors and tub surround with a more neutral color, you’ll need to remove it first. Once again, ceramic or slate tiles have a greater visual impact than vinyl.
As with the kitchen, consider your choice of cabinets and hardware. A double bowl vanity is an advantage over a single bowl vanity. Enclosing the toilet not only allows for privacy, but is more effective in terms of confining unpleasant odours. The best and most beneficial improvement in vanities has been the knight height vanity. Simply put, it’s a taller version of the standard-size dresser. No more straining your back when bending over to brush your teeth or retrieve toiletries. Once again, matte faucets and gloss fittings. Recessed lighting on recessed lighting.
When it comes to shower versus bathtub, more and more people are opting for . . . both! The charm of the separate shower and tub is this: the shower is all function; Bathtub is all about luxury, especially whirlpool tubs. However, if your budget doesn’t allow for a full-scale bathroom remodel, consider smaller, more cost-effective upgrades like paint, flooring, and fixtures.
So while a sunroom, stepped terrace, or finished basement would be a wonderful asset to any home, you’re better off investing your time and money in improving what you already have without paying prices outside of your neighborhood.