January 15, 2019
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By: Stanley Walter
Are you thinking about reselling your home at some point? Looking to do some renovations first? Renovating your kitchen can positively affect the resale value of your home, however there are some important things to consider first.
Whether or not you are buying a starter home, your second home, or a retirement home how the kitchen functions is an important part of your day to day life and as a result many home owners will want to renovate that part of their home as soon as they move in. Home valuation is an important consideration for most Canadians considering the value of a mortgage and the effort and dedication to maintain financial security. Because a lot of older homes have a poor functioning kitchen, many new homeowners will often look to renovate that part of their home as soon as they move in. Not only can this add to the functionality and ease of everyday kitchen use, but it can also increase the value of your home so that if you plan on eventually upgrading or moving out, there is a added financial benefit to be had. However, there are important things to consider when renovating if one thinks about how it affects your home valuation.
We have sat down with some of the top Realtors in the Winnipeg area to get some feedback on exactly how a kitchen renovation will affect your home value and will feature a series of blog posts that talk more closely about this subject.
Amber Treichel is a REALTOR® with RE/MAX Performance Realty who has won the highest award amongst Winnipeg REALTORS® (2017 Team GOLD Medallion) and these were her thoughts on the subject. Her contact information is listed below.
– Decide – are you listing or loving? The kitchen is often a “make it or break it” when it comes to a homes overall appeal to buyers. If you’re remodelling for resale, choose finishes that will appeal to the masses. Not all upgrades are equal – speak with a REALTOR® experienced in your area to determine where to focus your budget and to ensure you’re keeping your cost in line with the value of your home and neighbourhood.
– A fixer-upper doesn’t appeal to most buyers, they want something turnkey. To be competitive in todays market, an updated kitchen will put you ahead of the pack.
Done right, by a professional, a kitchen remodel can potentially boost your overall home value anywhere from 7-12%.
– The majority of buyers place the kitchen on their list of top 3 most important spaces. Spend your money in a few key areas that will appeal to most buyers and ensure the work is completed by a professional. A DIY kitchen reno is a turn off to potential buyers, even more so than a dated space.
– People are savvy when it comes to buying a home – they want the peace of mind that a professional completed the work.
– The vast majority of buyers look at a home online before deciding whether to view in person, with most looking at the photos over everything else on a listing. When competing with potentially 100s of homes, consider if your kitchen will make a good first impression in photos and how will it stand out from the crowd?
Reading through her thoughts on the subject it is obvious how important it is to hire a professional to help you with your kitchen renovation. Often times people will choose to go with the cheapest option available without realizing that there is a greater return on their investment if they work with a reputable company who has the resources and skill to complete the proper scope of work.
Not only that, but often times going with the cheapest and quickest option you won’t get the result you are looking for which begs the question, why renovate to begin with? Renovations often require an uprooting of sorts of the families life, with rooms not being available for use for a period of time. With the kitchen especially the time it takes to complete all the work can result in frustrated and impatient homeowners. That is another reason why it is important to work with a professional who has the experience and knowledge to help you work through the process.
If you are planning on renovating, please take the time to sit down and consider your current home valuation, what your future plans are, and what you can budget for a proper renovation. Chances are you will be surprised at the financial gain of working with a professional to help you through the process.