Home Selling in 48323>Question Details

Jim Richards…, Home Buyer in 48323

home sales values with or without kitchen improvements

Asked by Jim Richardson, 48323 Sun May 18, 2008

I live in the Metro Detroit area. I am interested in selling my house (aproximately 400K) I need to update my kitchen. Is it better for me to spend 40K for the update, or should I forget the expense and keep the selling price lower than the added cost of the update?
Thanks for your input

Help the community by answering this question:

Answers

3
Hi Jim,

My immediate answer to your question would be not to spend the estimated 40k to remodel the kitchen. Probably some inexpensive cosmetic upgrdes such as paint, new hardware, faucets and lighting may be enough to peek interest for buyers. Please keep in mind that many buyers want to come in and change a kitchen to their taste ,even with a brand new kitchen. My advise would be to either check out Open Houses in your neighborhood or ask your Realtor to preview homes in your area. A Realtor has access to Sold homes and can give you an up to date Market Analysis. Good luck!
0 votes Thank Flag Link Mon May 19, 2008
Gary answered perfectly, it really is dependant on what the other homes in the 400 range look like. Have your Realtor take you to preview a few, and then make a decision. I recently went through this will a seller as it was necessary to sell at the price they wanted. Keep in mind, kitchen remodels you do not recoup 100% of your cost.
0 votes Thank Flag Link Sun May 18, 2008
Jim, This is one of those questions where you need to know what competing homes are offering. If they all have updated neutral kitchens then updating your kitchen might be a good option. On the other hand, if none of the competing homes has an updated kitchen and you pay a contractor for all work, you probably will not get a 100 percent return on your investment.

Some alternatives.

Decrease the price of your home XXX dollars and market the home "as is"

Get 3 estimates (those are free) from local companies. You would then be able to place copies with paperwork about the home while selling and offer XXX dollars from your proceeds (the buyers money) be placed in escrow to be used for remodelling of the kitchen by the new owners.

Your agent would know how to word the listing to protect you from an extremely low offer.

Before doing anything other than getting some estimates, I suggest you either interview 3 local agents or have a not for refinance appraisal done on your home. It may be that the numbers you get will be in the 325K range. (just throwing out an extremely low figure) and it may be to your advantage not selling. Better to know in advance.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Sun May 18, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer