According to the National Association of Realtors Research Department, fifty-four percent of REALTORS® have suggested sellers complete a kitchen upgrade before attempting to sell, and 23 percent said the project most recently helped cinch a deal for them, resulting in a closed sale.
Statistics like this tend to get homeowners excited. If you’ve ever daydreamed about updating your kitchen or bathroom, you’ve probably also seen dollar signs. But is that the only reason you should do kitchen or bathroom updates? The answer is no, and here’s why.
Just because you spend $20,000 on a kitchen remodel doesn’t mean you will add $20,000 to the value of your home.
You have to see kitchen or bathroom updates as something that makes your home overall more attractive to buyers. For example, when you update the appliances or re-tile the shower, you can say in the listing “newly updated kitchen” or “newly updated bathroom.” Phrases like this catch a buyer’s eye because people are drawn to homes that have been given a facelift, particularly in these areas. These phrases may even intrigue buyers enough to make them schedule a viewing, which is what you want. Ultimately, your goal as a seller should be to sell your home (quickly) for full market value, not just increase its value in general.
Kitchen and bathroom updates support your home’s value, giving it a boost over the competition.
If you have the budget to update or even totally overhaul your kitchen or bathroom, it is certainly one of the best renovations we can recommend you doing. Improving these areas of your home makes your home attractive to buyers and supports the price your home is worth. This is what we mean when we say these renovations could potentially add value to your home.
Seek further advice from your realtor
Still unsure about updating or remodeling your kitchen and bathroom? Share your thoughts with your realtor. Because they are familiar with your home, they can advise you fully on the pros and cons of updating your kitchen and bathroom. They can also further explain how the updates could support the value of your home.
