Homeowners across the country are beginning to open their doors for friends and family in celebration of wintertime traditions. Not coincidentally, it is during the holiday season that homeowners pay particularly close attention to necessary home improvements as they prepare to host their loved ones.
While spending numerous hours preparing their favorite holiday meals, owners may focus in on the ways their kitchen falls short and dream of a remodel.
Thirty-six percent of homeowners say the top reason for remodeling their kitchen is to upgrade worn-out surfaces, finishes and materials, a National Association of Realtors 2015 Remodeling Impact Report reveals.
Modernization of the kitchen was the No. 2 reason for remodeling, and ultimately, it pays off; 82 percent of homeowners said they have a greater desire to be home since completing the project.
NAR’s Home Features Survey shows 53 percent of buyers undertook a home improvement project within three months of buying their home, and the typical buyer spent $4,550 on those projects. Remodeling the kitchen was the most common home improvement project as nearly half of home buyers undertook a project in that room.
Home buyers value modern kitchen features so much they are willing to spend more money to have them. Seven out of 10 home buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with them.
A modern kitchen is most important for single men and married couples as both groups placed higher importance on new kitchen appliances than other groups of buyers.
A kitchen remodeling project could also make your home more attractive to potential buyers when you sell it.
When asked to rank the projects that appeal most to buyers, a kitchen renovation was at the top of the list of projects Realtors feel will likely add value to the sale. About 57 percent of Realtors also reported that they’ve recommended clients update their kitchens before putting their homes on the market.
Visit www.gcar.net to connect with a Realtor and learn more about buying or selling a home.
The Greater Chattanooga Association of Realtors is The Voice of Real Estate in Greater Chattanooga. The Association is a regional organization with more than 1,700 members, and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit
www.gcar.net. v