Q: Which adds more value to your home:
A) remodeling the kitchen
B) adding another bedroom?
If you answered A for the kitchen remodel, you are not alone. That’s the old real estate chestnut, that to remodel a kitchen or bathroom will garner the most value. Now, you may be able to get your money out, and sell your property sooner, but to add value, add square footage.
That said, if dated wallpaper is keeping your home from selling, then by all means rip off the wallpaper and paint the walls in a neutral color. You may not make any more on the house, but at least you’ve increased the odds of it selling.
And if you do decide to completely remodel a kitchen or bathroom, just know that it’s pretty surprising how little value it adds to the appraiser’s calculations.
We had a listing where the kitchen upgrade could have made the pages of “House Beautiful.” In looking over the appraiser’s report, he only gave the home $3,000 more in terms of value for the upgraded kitchen. Our clients spent a whole lot more than that.
So, if you want to increase the value of your home, look for a relatively inexpensive way to increase your square footage. That could be an investment worth making.
If you are on the fence about what to do to boost your home’s value, feel free to run your ideas by us before you start knocking down walls or replacing counter tops. We are in the business of not only making you money, but saving you money as well.