Remodeling for Money
Profiting big at resale with the right kind of kitchen remodel.
You see it all the time. People say you can get 70 % of what you spend on a new kitchen back at resale.
To me that means you just suffered a 30 % LOSS!!!
On a $60,000 kitchen thats $20,000.
NO! NO! NO!
I want remodeling to bring ALL the money back at resale and then make MORE $$$. An investment by definition is supposed to make money. YES!!!
I want to see the $$$.
The other part of remodeling is to make resale faster. People want great, functional kitchens and top quality appliances.
An interior designer I know told me I know all the cheap ways to decorate and remodel. But where designers often go wrong is in over decorating and making choices that dont work well for resale. The bonus of good brisk resale is my goal. A really decorated space may actually hurt resale. A real estate appraiser once told me that relo companies hate to see the phrase designer colors. It usually means they will have to paint the whole house before they can sell it.
Say you are working on a kitchen. What do you do? The following hints can apply to your whole remodeling project, not just kitchens.
First, think paint. In any room its the one single step that can clean it up and make it look NEW and PRISTINE. An expensive custom paint treatment may turn many buyers off.
What is the other thing a potential buyer wants to see regarding paint color?
Oh, this will go with my stuff, they say as they look at your hard work. Have you seen their stuff? No, you havent, so how are you going to insure it goes with their stuff?
If its going to go with their stuff IT HAS TO BE NEUTRAL IN COLOR! Its also good if the walls are a warm neutral somewhere in the cream, pale yellow, tan or khaki range with white trim. Your own treasures can bring in accent color and your own personality, but exercise restraint.
Cabinets can look architectural. Architecture can bring design strength and enduring beauty to a space more effectively than decorative items. Think Shaker. Its almost Zen in its level of restraint. Its also classic design without a lot of decoration and its easy on the eye. How will your cabinets look if you trim them out with a nice crown detail and under cabinet trim and lighting? That serenity is great for resale. For resale, less is more.
In the important task of remodeling kitchens for resale, there are five ways to make money when you sell.
1.Reuse the cabinets if possible. There are LOTS of creative ways to update cabinets, most involving paint. If you really hate the doors, just replace them, and reuse the cabinets. For resale its better to have them in good repair and clutter free. New cabinets may cost as much as $50,000 and may only be MDF. Good old wood cabinets like the ones in many older houses can be functional. They often need some repair, but the work you do will make you thousands of dollars.
2. Leave the sink, fridge, and stove where they are, but get new ones. Many buyers will view the stove as an ego item like a luxury car. This is the place to spend the money, not too much. Just enough.
3. Replace counter tops with a high quality material like granite in strategic locations. Use something cheaper, but still nice in other areas.
4. Make the floors work with the look of the house. Like cork for mid century modern, black and white tile for Victorian, or slate or wood floors for country. Ceramic tiles are great and less expensive than other materials. Theyre great value.
5. Pulls and handles for cabinets and sinks can be updated to current style and expectations. Its like changing your hair so you avoid looking your age.
There it is. Get a great look that doesnt cost $60,000 and require major construction. If you are handy you can do a lot of the work yourself. If you feel you cant, hire a professional. Many vendors of appliances and sinks and fixtures will do installations and deliveries for free or a small fee.
You dont want a potential buyer to think DIY, but if you do it yourself, its really going to save BIG $$$ and make you feel proud. I have gotten better at doing the work than many people who claim to be pros. You can too.
Michele Roman breaks with the traditional rules and tells all about renovating your home for big profits. Learn her secrets (Free) at http://www.sell-my-home-for-more.com.
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