How much does a remolded bath and kitchen get at resell of a older home?
Question:the home is a 1950s ranch and we want to gut the kitchen and add a utility room. We have a 7x4 master bath eso we want to open it to one of the bedrooms make the master larger and make a large hall closet.??
Answers:
You will most likely recoup at least 93% of your cost to remodel. Sometimes, even more. The thing to keep in mind is this: an old, ugly, disfunctional or outdated bath and kitchen will remove thousands and thousands of potential dollars on any price someone offers to buy your house.
Also, keep in mind that kitchen and bath remodels are the most expensive in any home... which means if yours is remodelled, your home will sell faster... which in itself, is a major incentive. When your home has been on the market for months and isn't selling, your real estate agent will suggest you knock down the price. and that knockdown is usually at least 5 thousand dollars..
If you can afford to remodel the kitchen and bath areas, go for it! It is an investment, not an expense!
It depends on what you have done and how much it improves the property.
The kitchen pays back dollar for dollar, the bath nearly so if you do them well. No other improvements come close such as adding a room of finishing a basement pay about 25 cents on the dollar.
It depends on what part of the country you live in.Some areas return more then others. It's called cost vs value and it's not a sure thing that you will receive 100% of your cost back on the resell. Remodeling magazine comes out with an annual report that gives the figures per area. If you put a 25k kitchen in a 100k rowhouse chances are you won't be able to sell it for 125k so that dude is full of ____!
93% is the ROI (return on investment) for bath and kitchen remodels. It needs to be comparable with the area or value in the neighborhood though. A pig with a diamond necklace is still a pig.
That's a very ambitious set of goals you have there. Why are you selling the home if you have such big plans for it? Have you been dazzled by "Flip This House"?
I never, or almost never, recommend doing a remodel for resale reasons alone. You should always take resale into account when you plan a remodel. But remodeling for yourself, you are far more likely to do it well. And it is the well-done remodel that adds appreciation to the home.
I have often received calls from clients thanking me years later when they sell their homes and realize far more than they invested in a remodel years before. I have done 25K kitchens that literally added 100K to the value of the house. That's because the poorly designed, old kitchen dragged down the value of the entire home.
Remodeling for resale means you will do it as cheaply as possible. That being the case, your potential buyers are much more likely to discount your efforts rather than pay extra for them.
It's really much better to sell your house as is, or with just a fresh coat of paint and typical curb-appeal efforts and let the buyers decide what they want to do with the kitchen and bath(s).
Remodeling a 50's kitchen takes a real concerted effort to bring the kitchen into the 21st Century and make it suit the rest of the home.
You can't just replace things with new, as they sit, or you will not improve value. You need a complete reassessment of the kitchen and how it relates to the surrounding rooms.
Traffic flow, convenience, aesthetics, functionality, storage, counter space, current equipment. All these issues must be addressed.
Planning and executing a well-planned kitchen remodel takes about 9-12 months, many times longer. There is much to accomplish in that time and most of it will fall on your shoulders.
You will need to find a designer to work with; do the planning and get it all down on paper, choose and price the products you will use, and find and hire a contractor to make it all come true.
Then you need to ENDURE the process. Three months plus of hell on earth with no refuge.
Even if you plan to do the design and remodeling yourselves, you will be faced with an enormous outlay, both economically and physically, involving time, money and emotion. Kitchen remodeling is one of the most stressful exercises a family can undertake. Let alone an effort that encompasses most of the house, as you envision.
I suggest you save yourselves and apply that effort to your new home instead. So that you can enjoy the results for all the years before you sell, instead of being faced with dreaming your buyer's dream when you are actually the seller and cannot possibly know what your buyer will really want. Likely they, like you, will appreciate being given a blank slate at a lower price.
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