Adding or remodeling a room in your home can be a great investment when it comes time to sell. Kitchens and bathrooms are amongst the most beneficial improvements available. The payoff a kitchen overhaul will provide varies greatly, but several factors must be considered before making any decisions. Adding or upgrading appliances, countertops and cabinets can provide one of the biggest returns of any home improvement project.
One of the prime concerns of a home remodeling is the amount of money necessary to complete the job. Homeowners should do some research prior to beginning any home improvement project. Keeping the project within a reasonable budget for the neighborhood is essential to recouping the investment. For example, spending $50,000 on a kitchen in a neighborhood where homes cost $200,000 is unrealistic. This average price can be found online or by comparing recent selling prices in the area. If you're not prepared to do this legwork yourself, consider speaking with a realtor beforehand.
Kitchen and bathroom restorations are among the most lucrative home improvement projects in all areas of the United States. On average, well-done kitchen restorations bring in between 100 and 105 percent of the money invested. For inexpensive fixes, crown molding, a fresh coat of paint in a neutral color and new lighting will make a big difference. Among the most important improvements to include in a complete kitchen overhaul are energy-efficient appliances in modern finishes -- preferably stainless steel -- upgraded countertops and new flooring. These items do not necessarily have to be top of the line. If other homes in the area do not include granite countertops, opt for something less expensive -- look into a concrete overlay if the existing counters are in good shape, or consider a combination of concrete and recycled glass for added eco-friendliness.
Your budget is a very important part of a remodeling project. How much the homeowner can afford is important, but that is not necessarily the only factor. Ideally, homeowners should take a close look at how much the property -- and others like it in the area -- is worth. If the home is a decade old or more, a home equity loan may be available to help update the kitchen, the majority of which, if not all, will easily be recouped upon selling. On the flip side, homes that are only a few years old will find this option more difficult. In either of these situations, money may be saved by doing some of the work yourself. Painting, tiling, crown molding and even resurfacing cabinets can all be done by even novice craftsmen. That saved money can then go toward plumbing, electricity and other costly areas.
If budget is a problem, consider making a list of the most important changes that should be made. Occasionally, a good cleaning and new coat of paint will help minimize some flaws. For those who are especially inclined, resurfacing old cabinets with a new stain and adding new hardware may be all that is needed. Ultimately, it is important to consider the layout and flow of a kitchen. Decide what works and what doesn't, and decide what is a priority. If, for example, the dishwasher works well, while the flooring is old, stained or otherwise unappealing, more money should go into replacing the flooring. When working on a tight budget, small improvements can make a big difference, and ultimately may draw in interested buyers.
- Photo Credit Kitchen image by armanxo from Fotolia.com
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