IS IT FEASIBLE TO RENOVATE YOUR KITCHEN AND BATHROOMS BEFORE LISTING YOUR HOUSE FOR SALE?
CAN THE INVESTMENT BE RECOUPED?
Renovating your kitchen and bathrooms can increase the value of your home but not in all situations. When you have one of the best houses in a stagnant or declining market, it would be impossible to recoup the large investment made in those rooms and would not necessarily allow the seller to ask a higher asking price. However, in an up and coming neighborhood or in a property that has appreciated in value considerably, investing in renovating your kitchen and baths could significantly raise your property value allowing the seller to recoup their costs. Many young families may be able to afford the asking price of a house but may not be able to borrow the additional funds to do the renovation work. It is generally highly desirable to purchase a turnkey property, especially with the hectic lifestyles so many of us live today. Should you consider Kitchen and Bathrooms Renovations?
There are numerous considerations to make before such a monumental decision is made. First, contact a New Orleans realtor to evaluate your property and the market you live in. A New Orleans realtor can give his/her objective, professional opinion without clouded judgment. They can also give you a summary of what’s happening in your neighborhood in terms of asking prices versus selling prices. Secondly, it is advisable to work with an architect and a contractor in making these costly renovations. Ensure that the work is done well in order to get top dollar. It is imperative to stick to a reasonable budget because cost overruns will gobble up the profit. If it is possible to remove walls making the property more open concept, the property could become more desirable, creating a greater chance for maximizing profit.