If you’re selling your Ottawa-area home and wondering whether to renovate the kitchen before putting it on the market, we have some good news: Kitchen renovations typically offer one of the highest returns on investment.
But not all improvements are created equal – so be sure to consider these three factors when deciding which should come first for maximum profit potential!
What You Should Know Before You Renovate Your Kitchen
1. Renovate your kitchen for them, NOT you.
A few mistakes should be avoided if you want to get the best value for your money. For example, some people make home improvements primarily for their own enjoyment. Others see it as an investment with the expectation that it will improve the resale value of their home.
Ideally, the two will coincide, and you will have a kitchen that both you and your future owners will enjoy. However, the reality is that your dream kitchen may not be everyone’s dream kitchen.
One of the biggest mistakes sellers make when renovating their kitchen to sell is making improvements that don’t align with the home’s overall value. Adding an upscale kitchen in a neighbourhood of low or medium range home prices is unlikely to pay off when it comes time to sell your home.
2. Think Smart, NOT Big.
According to 2020 data, a major upscale kitchen remodel will get you an average 54% return on your investment. While a major mid-range kitchen remodel will get you a 59% return. The award for the best return on investment for a kitchen, though, goes to the minor mid-range kitchen remodel, which gets you a whopping 78% return on your investment!
What does this mean? Suppose your kitchen is dated and you want to sell your home. In that case, you may want to strongly consider a few minor upgrades rather than investing a lot of time, money and energy into a full-blown kitchen renovation.
If your dream is to have a kitchen with quartz countertops, custom cabinets, built-in commercial grade appliances, and tile backsplash, and your budget allows it, then you may want to go for a major upscale renovation. Just be aware that you’re unlikely to get the value out of it when you resell your home.
A little goes a long way.
Painting kitchen cabinets and replacing the hardware can go a long way to giving your kitchen a fresh new look without having to tear out and replace cabinets.
New countertops and backsplash can also make a big difference to the look and feel of your kitchen. Adding a fresh coat of paint is a low-cost, high-benefit improvement in any room of the house.
Lighting and storage space are two other considerations when getting ready to sell. This can be as simple as replacing any light bulbs that may have burned out and clearing clutter out of the cupboards and off counters and appliances.
3. Keep it Broad, NOT Niche.
Keep in mind that your tastes may vary from that of potential homebuyers. Therefore, to get the best return on your investment, choose products and upgrades with broad appeal.
When you’re renovating for resale value, it’s not the time to go bold. Avoid busy patterns or unusual colours.
Neutral doesn’t have to be boring, though. With the wide selection of stylish neutrals available, the days of boring builder’s beige are behind us.
Is it the right time to renovate your kitchen?
The best kitchen upgrades to make for resale value will depend on your timeline, budget, particular home, and market conditions. In a super-hot market like we’ve been seeing over the past year, investing time and money into renovations may not make sense.
Buyers may be looking for location and an entry point into the market. They will be happy to do their own renovations after they purchase a property. So if you invest in upgrades before selling, you may be missing out on striking while the market is hot.
Get help from a real estate agent
Before investing your hard-earned money in renovations, talk to our real estate agents to discuss your options. We can help you determine which home improvements will make the biggest difference, not only in how much you can get for your home but also in how quickly it will sell.
At MacDonald Property Group, our agents know what Ottawa home buyers are looking for in a kitchen, from which features sell to which ones don’t really matter for most people. We also know the price range of homes in the area and can use that information to help you decide what changes make sense for your home.
For more ideas, see our previous posts on preparing your home for sale, sprucing up your backyard, and enhancing curb appeal.
Buy and sell with confidence. Choose the MacDonald Property Group.
At The MacDonald Property Group, we have a dedicated, national award-winning full-service team all under one roof, ready to provide the expertise you can trust. Our team and associates are recognized as the top 1% in North America since 2010.
With over twenty-five years of experience in all aspects of real estate, we have bought and sold well over a thousand homes. We’ve been honoured to help thousands of clients in Barrhaven and across the Ottawa area close a deal with confidence and satisfaction. Give us a shout and let us show you what we can do for you!