This is a common question we are often asked during appointments before a seller puts their house on the market.  The answer to this question is not as straightforward as you might think.  It really depends on the home condition, the current housing market and the homeowners individual circumstances.  We will be writing a few blogs over the next month to highlight some of the best areas of your home to update before selling.
    
There are some key areas of the home that we encourage updating because they statistically provide the best return on investment (ROI).  For this weeks blog I want to focus on the KITCHEN, one of the crucial areas that brings a significant ROI to the seller if done savvy, professionally and on budget of course, after all it is the heart of every home!  According to the Appraisal Institute of Canada (AIC), you can expect a 75% to 100% ROI on a major kitchen remodel or extension.

The kitchen and bathrooms are key areas that hold their value if the finishes are contemporary and neutral. However, an entire renovation isn’t always required. For instance, wooden kitchen cabinets can be easily updated by resurfacing the doors and changing the hardware. You can also modernize and update the look of your kitchen by changing the countertop and replacing lighting and plumbing fixtures.  

However, if your kitchen layout just doesn’t work or your cabinets are beyond the point of resurfacing, it may be time to consider a full renovation. A good designer and contractor can easily help in this situation (and can very often get you industry discounts!)

The best place to start is to speak to a professional Real Estate Agent who can help you determine if it is in your best interest to do a kitchen renovation before selling or sell as is.  They can give you a market report based on your home prior to the renovation and also give you an idea of the potential sale price with a newer more modern kitchen.  They can also help you decide if a facelift is all that is required or if you should completely remodel the space to bring it up to today's purchasers expectations.  From this point you can get some recommended trades people to give you quotes which will determine if the cost of the renovation is going to bring you a significant ROI.

If you are looking for local experts who can help with painting cabinets or replacing countertops The Ryan Haydar Real Estate Team has recommended companies you can trust, let us know what you are looking for and we would be happy to help connect you to our experts.

If you are wondering about what kind of costs are involved in a kitchen renovation the numbers vary greatly depending on how big of a reno you are taking on.  A typical facelift having the cabinets resurfaced and replacing laminate countertops with granite, updating hardware can run between $5,000-$10,000 and take approximately 2-3 weeks to complete.  A complex renovation involving full cabinet replacement, new countertops, flooring, appliances, maybe removing a wall to make better flow or open concept will run you $25,000-$80,000 and take 4-8 weeks to complete.  You need to carefully weigh the returns you could receive compared to the money you are going to put out AND the disruptions/headaches you will encounter during the renovation.  A 75%-100% ROI is enticing and can be rewarding but it does come with some work and stress.  You have to know what is best for your situation.

Be careful not to skimp and save to cut corners during a major renovation.  You want the outcome to speak quality to your potential buyers.  Buyers today are smart and they will pick up on the quality of finishes and craftmanship.  If they see updates that are subpar they will see this as a flaw rather than added value.  To ensure the best quality you can afford be sure to hire professionals in any area that you feel you don’t have the skills to tackle yourself.  A professional will cost you a little more than DIY but the return on the investment AND the reduced headaches, shorter completion time will all be worth it in the end when you see the return.