Consider Buyer Trends Before You Do An Extreme Home Makeover
Before you up and remodel, you might want to know a few of the remodeling trends happening. The key to remodeling is to make sure your changes fit the market trends and buyers’ desires so you can recoup your investment when you sell your home.
According to the Remodeling 2015 Cost vs. Value Report, if you remodel your bathroom you can expect to make back about 70 percent of the cost when you sell. A mid-range remodel costing $16,724 would only add $11,707 to the resale value of a home in the current market, found the survey.
Moving to the kitchen, a major overhaul could get you about 67.8 percent of the cost. A midrange kitchen remodel totaling $56,768 could add a whopping $38,485 to the resale value of the home, reports US News & World Report.
The cost to value recouped on both remodeling jobs went down this year, with the bathroom job dropping 2.5 percent and the kitchen remodel decreasing 6.4 percent.
Before changing anything, check out your home with a buyer’s eye. Advises, Dawn McKenna, real estate broker at Hinsdale, “Does it have high ceilings? Does it have good bones? Is it in a good location? If the floor plans are worthy, you should update your kitchen and bath because you will reap the rewards at resale time. If your house is priced and marketed properly and it looks like a ’10,’ it will sell significantly faster.”
And when you do remodel, use only quality products and styles that are timeless. Think not only about your needs but what current buyers are seeking.
For example, for kitchen, consider opening up the space and let it encompass a family room. Consider adding an island with a breakfast bar. Also think about adding a technology station with lots of outlets in your kitchen where everyone can recharge their electronic gadgets and cell phones.
“Everybody wants an open kitchen-family room. They will do without a living room, and some people will even forego a dining room,” McKenna says.
In the bathroom, buyers now want larger shower spaces with such perks as aromatherapy steam showers and large rainwater shower heads, among other things.
Home buyers are looking for smart appliances, such as programmable thermostats and remote locks.
Make your home your comfortable castle, but also think ahead to making it easier and more lucrative to sell.