Homeowners across the country are beginning to open their doors for friends and family in celebration of wintertime traditions. Not coincidentally, it is during the holiday season that homeowners pay particularly close attention to necessary home improvements as they prepare to host their loved ones. While spending numerous hours preparing their favorite holiday meals, owners may focus in on the ways their kitchen falls short and dream of a remodel.
Thirty-six percent of homeowners said the top reason for remodeling their kitchen was to upgrade worn-out surfaces, finishes and materials, according to the National Association of Realtors® 2015 Remodeling Impact Report. “Modernization of the kitchen was the second most common reason for remodeling, and ultimately, it pays off; 82 percent of homeowners said they have a greater desire to be home since completing the project,” said Cassie Carver, President, Silver City Regional Association of Realtors.
According to NAR’s Home Features Survey, 53 percent of buyers undertook a home improvement project within three months of buying their home, and the typical buyer spent $4,550 on those projects. Remodeling the kitchen was the most common home improvement project as nearly half of home buyers undertook a project in that room.
Home buyers value modern kitchen features so much that they are willing to spend more money to have them. Seven out of 10 home buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with them. A modern kitchen is most important for single men and married couples as both groups placed higher importance on new kitchen appliances than other groups of buyers.
A kitchen remodeling project could also make your home more attractive to potential buyers when you sell it, says Carver. When asked to rank the projects that appeal most to buyers, a kitchen renovation was at the top of the list of projects RealtorsÒ feel will likely add value to the sale. “About 57 percent of Realtors® also reported that they've recommended clients update their kitchens before putting their homes on the market,” said Carver.
Contact the Silver City Regional Association of Realtors or visit www.silvercityrealtors.org to connect with a Realtor® to learn more about buying or selling a home.