Home Selling in Lincoln Park>Question Details

Stevieraveon, Both Buyer and Seller in 60614

Would stainless steel increase my condo value?

Asked by Stevieraveon, 60614 Thu Sep 20, 2007

I have a 2 bedroom 2 bathroom unit at 1735 W Diversey. (Faces south, high unit with best downtown views I've seen). I paid $345,000 over 3 years ago (w/ indoor parking), and I'm thinking of selling next summer. I currently have black appliances and was debating on getting SS. Would it be worth it when I go to sell the place or would it be a waste of money?

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If your appliances are clean, work well, and do not show wear and tear, do not change them. I do not think the investment will bring an equal or greater return. The purpose to do an upgrade is either to 1) achieve the sale because the lack of an upgrade may encourage buyers to opt fo the competition or 2) gain a monetary advantage. Why gamble 3K for a nominal increase in value? It's not like the 3K would, in all liklihood, bring you substantial increases. Upgrade the appliances only if the current ones need replacement due to their condition.
3 votes Thank Flag Link Tue Sep 25, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Wow... You want to invest $2,000 for a SS refrigerator and another $1,000 for an oven? So, roughly (assuming you are going to ask $400K) a 0.75% upgrade? Just ask yourself these two questions...
1. What is your goal for the expenses? To ask for more, or simply to have your unit more attractive?
2. Would you buy or not buy a house because of a fridge and oven?
That money can be better spent on sooooo many other things. New paint, new carpet, bathroom upgrades, etc. $3,000 is a lot of money for eye appeal, when compared to investing in HARD, PROVEN improvements. Besides, not everyone may like the sterile look of Stainless Steel.
As a licensed Realtor, my duties is to tell you what you NEED to hear, not what you want to hear.
Web Reference: http://www.mlee.golyon.com
3 votes Thank Flag Link Mon Sep 24, 2007
Stainless Steel is this new concept of an upgrade that has invaded the new construction market, which is fine, but is sets precedents to everything following. You can get a good set of stainless steel appliances for under $3000. That is not the issue. When you decide to sell, your very well informed Realtor will know what other units are for sale in the building and will know what those units look like and what appliances they have. If you are competing against stainless steel, then you might want to consider. If not, or you are the only unit for sale, don't bother. It will not increase the value of your home. It is esthetic's, and even that is a matter of taste, just like hardwood floors ( which by the way do not increase the value of a home even if they were considered an upgrade when bought from the developer). My advise is to hire a professional Realtor that will consult you on all your options in that market, in that moment.
3 votes Thank Flag Link Thu Sep 20, 2007
Hi,

Appliances that are in good working order (if offered with the property) is all that is expected. If your appliances are working fine and look nice, leave them the way they are. If they need to be replaced, you may want to go with SS if you think it will improve the look in your kitchen. But don't buy then with the sole purpose of improving the worth of your property.

Cathi
Web Reference: http://www.cathiweaver.com
2 votes Thank Flag Link Mon Sep 24, 2007
Hi Stevierayveon:

I was just down the street from you the other day visiting a townhouse!

Anyway, those units mostly still boast the original black appliances from when the building was built in 2000, and recent re-sales have not been hindered by them. There are a few resales that installed stainless steel appliances, and it did not make much of a difference compared to those with the black appliances (they all have granite countertops, though).

In this case, your selling point will be the southern exposure and the high floor, without a doubt. Stainless steel, not so much.

Good luck!
2 votes Thank Flag Link Fri Sep 21, 2007
If you were going to live there longer, yes.
Given the 12 month time frame, if the current applicances are in good condition, I would not recommend changing them. How about the REST of the kitchen?
Granite counters? Reface cabinets?
I would recommend counseling with a REALTOR regarding improvements you could make during the next year to maximize the value.
Buyers want VALUE...generally that translates into Kitchen, Bathroom, Cleanliness, and Fresh paint.
2 votes Thank Flag Link Thu Sep 20, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Stevie,
First, is your screen name a reference to Stevie Ray Vaughn? If so, I wish to congratulate you on your taste in music; if not, well, what a coincidence! Anyway, if your black appliances are looking good and functioning well, I see no need to replace them. I sincerely doubt you could recoup the replacement price at resale. SS appliances are a very sought after upgrade in the mid-class home today; but uber-current trends indicate a return to a "warmer" kitchen... These trends do take time to filter down, but unless every other condo your listing is competing with has SS appliances, you are better off NOT updating these for re-sale. Even if that is the case, I'd advise you undercut your competition with a lesser price rather than spend the funds on needless (and fairly expensive) upgrades for "trendy" purposes only. The more pertinent question for today is: what are your countertops made of? Best of luck!
2 votes Thank Flag Link Thu Sep 20, 2007
Hey there StevieRV - I guess the one major thing that comes to mind is that we don't know if SS appliances will still be "in" 6-8 months from now. I would wait until you are ready to sell, as other money hindering items may come up and you don't want to use it up on something that is a today's fad, and tomorrow’s old news. I have been seeing new types of streak free appliances enter the homes as stainless steel is not known for its easy to clean surface...lastly, something like appliances typically has a 2 day delivery and installation turn around from your local ABT - meaning you decide to go SS, you still can in the final minutes. Best of luck to you and let us know if you have more questions.
1 vote Thank Flag Link Mon Sep 24, 2007
Ken,
Sorry to disagree; but a change from perfectly sound black appliances to SS appliances is not an upgrade. It is merely cosmetic. Yes, definitely, the cost of a true kitchen or bath upgrade can USUALLY be recouped at resale; but that does not appear to be the case in this particular situation. I think we must ask Stevie to clarify:

Stevie,
Are your black appliances current and functioning well? Were you considering a merely cosmetic upgrade or are those black appliances on their last legs? Your reply here is requested so that we may give you the best advice that we are able. Thank you!
1 vote Thank Flag Link Thu Sep 20, 2007
If your appliances are working and not structurally damaged I would leave them alone. The change from black to stainless will not increase value on the property. When you sell be sure to offer the home protection plan to you buyer as part of the sale.
1 vote Thank Flag Link Thu Sep 20, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Stevie,
It's always difficult to know exactly what you'll get back when you invest dollars in your home but you can be sure it will help sell your unit (the majority of money invested in Kitchen and Bath upgrades tends to be recouped upon sale) . I've been through the building on numerous occassions and I agree the views from your building are impressive. In this market you need to avail of every advantage to stand out from the crowd. Rather than asking yourself "if I spend $3,000 on new appliances will I recoup $3,000 upon the sale of my unit"?, you should ask, "will spending $3,000 on appliances help me recoup the $345,000 I have already invested along with some appeciation"? I would recommend that you upgrade your appliances prior to sale. Best of luck.
Web Reference: http://KDRchicago.com
1 vote Thank Flag Link Thu Sep 20, 2007
Leave it as it is..when the time comes closer, see how the market is....it won't increase the value that much.
Web Reference: http://www.iansellsnola.com
1 vote Thank Flag Link Thu Sep 20, 2007
Hello Stevieraveon. Thank you for giving us information on what color your current applicances are. My personal opinion is that I do not believe that switching to S/S would enhance the value of your condo. I would stick with what you have and offer the buyer a one-year home warranty plan which will cover the appliances and the water heater. If you include the refrigerator, you'll have to pay a little bit extra.
Web Reference: http://www.go2kw.com
1 vote Thank Flag Link Thu Sep 20, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Actually, stainless steel appliances are becoming less popular due to difficulty in keeping them clean and unscratched. They are difficult to clean. My suggestion would be that if your appliances are in good condition, do not replace them.
0 votes Thank Flag Link Wed Mar 9, 2011
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