July 16th, 2015 5:13 PM by Frank Ferrell
Renovating your kitchen can mean serious profit when selling your home. Even small, basic improvements to your kitchen can pay big dividends. For most buyers, the kitchen is the heart of the home. And that means it has the greatest profit potential. Here are a few suggestions for improving your kitchen without investing tens of thousands in remodeling costs. In the short term, consider changing floors, cabinets, and fixtures. Consider sanding, staining, or painting dingy looking cabinets. Replacing old cabinet hardware (a low-cost improvement) can make a huge difference in appearance. Look at your counter tops and other surface areas that draw the eye. Also, look at the kitchen sink and fixtures. If they’re old and worn, replacing them with contemporary fixtures and a new sink can make a world of difference…not just in aesthetics, but in hard dollars.In some cases, spending $4,000 on a cosmetically outdated kitchen can add as much as $15,000 in extra value of the home. One of our Investor Clients recently purchased a single family home in East Orlando, making major improvements to the kitchen which included new cabinets, countertops, appliances, flooring and raising the ceiling. The photos below show the vast difference in the "before and after" appearance. Click here to view more photos of this outstanding kitchen makeover. There are a number of factors that go into determining how well your project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market.Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.