While there are many great articles detailing 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 house for $200,000 in a neighborhood of $200,000 houses and throw $50,000 into a sun room, renovating the kitchen and bathroom, the 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 back down and walk away from the deal. ‘Cause appraisers run their offsets on 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 is advice on which renovations will attract more buyers and help sell your house faster.
The first and main reform is the kitchen. The kitchen is the quintessential meeting 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 pickers, we want our kitchen to be attractive to our guests, too.
Depending on how useful it is and how much money you’re willing to spend will determine the scope of the renovations. If you decide to tear down the walls and start from scratch, keep in mind the kitchen “triangle” principle 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 cabinets. Cherry or dark-stained cabinetry exudes a more elegant ambience, while maple, oak, and lighter woods convey a warm, homey feel. The hardware you put in your cabinets could also have a significant impact. Glossy 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, chipped cabinets can make a world of difference. While attractive cabinetry is important, countertops come a close second. Avoid ceramic tile countertops, because the idea of keeping 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 tip 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 hardwood flooring near the kitchen. Makes a scary 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 one switch for this lighting section and one switch for this one. Take your time to position the lighting, taking into account the location of the work areas that 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 might consider under cabinet lighting as it adds more direct light to an area, but also creates a warm ambiance when all other lights are off. Hanging mini chandeliers above 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, it’s also a great place for guests to rest their elbows while chatting with the cook. Backsplash is always a nice touch for 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.
While the master bedroom and bathrooms are even in terms of what draws people in, I’ll get to the master bedroom next. People want decadence. Not in terms of rich decoration, but in terms of space. Larger furniture means more space is needed. People love the idea of a sitting 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 put your dressers.
Renovating a bathroom can be the most time consuming. 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 odors. 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 vanity. No more straining your back when bending down to brush your teeth or retrieve toiletries. Again, matte faucets and gloss hardware. 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 large-scale bathroom remodel, consider smaller, more cost-effective upgrades like paint, flooring, and fixtures.
So while a sunroom, tiered deck, or finished basement would be a wonderful addition to any home, you’re better off spending your time and money upgrading what you already have without paying prices outside of your neighborhood.