This is part 3 of our ongoing blog series talking about how a kitchen renovation will affect your home value. Click the links for part 1 & part 2.
In our first two blog posts talking about how a kitchen renovation affects your home value, we spoke with a couple of notable Realtors® in the Winnipeg area. We got their thoughts about the idea of hiring a professional and reputable company to help you with your renovation. This can make a big difference in the process, as according to Amber Treichel, a Realtor® with RE/MAX Performance Realty, the kitchen can often “make or break” the overall value of a homes appeal buyers.
“Updating your kitchen with the right materials and finishes is a smart use of time, energy, and money. Not only will you be able to enjoy the updates for a short time before you sell, but it’s also likely that your home will sell faster as a result.”
Most families also don’t stay in a single home during their entire life, so it is important to consider your home value and how it will affect your family financially in later years. In part 3 of our blog series, we wanted to talk a bit more about the specific details around a kitchen renovation and what people can expect and should look for when they start the process.
According to a 2017 study conducted by Houzz, up to 43% of people surveyed could no longer stand their old kitchen and were actively looking to remodel. Up to 40% of people surveyed have wanted to renovate their kitchen all along but have just become financially ready to do so.
This shows us that a substantial portion of homeowners are actively looking to remodel their homes, which is why this is an important topic to talk about. Some of the other things that stood out in the same study were the changes in lifestyle after the kitchen renovation. 49% more family time. 41% more home cooking 34% less takeout 29% more sit-down meals. While these statistics don’t specifically speak about actual home value, they can be translated into higher perceived home value when re-selling. I.E., a properly functioning kitchen that a homeowner enjoys cooking in will more than likely result in more home cooking, less takeout & more sit-down meals. As Amber mentions,
“Because most homeowners view the kitchen as additional living space, so having an up to date kitchen will put you ahead of the pack in a competitive market.”
As families grow older, all these trends become essential, and when shopping for a new home, some families will actively target these specific points. Therefore your home with a renovated & well functioning kitchen will suddenly have a lot more value to them as a buyer.
In a recent survey, 80% of all new home buyers place the kitchen as the most important space in their home, so it would make sense that the majority of buyers on the market will spend more time focusing on the kitchen when they are looking at a home. We reached out again to Amber Treichel, a Realtor® with RE/MAX Performance Realty, to get her thoughts on this specific part of the process.
“To financially benefit from a kitchen reno, you need to keep potential buyers in mind. Don’t choose finishes that are too trendy because they will date quickly. When in doubt, appeal to the masses. Yes, you may find neutral tones boring, but it will make potential buyers happy. Remember, all kitchen renovations are not created equal; buyers are savvy and want the peace of mind that a professional completed the work.”
All this shows us not only in the kitchen often looked at as the essential part of the home for buyers, but also the biggest part of the home from a renovation perspective. Even if you are renovating your home with the goal of still living in it for an extended period of time, it is important to maximize the potential that your space has for a beautiful kitchen. You can do this best by sitting down with professionals that can help you through the design and renovation process. Contact us here to get started!