Stainless Steel Appliances!
Over the past 10 years the Real Estate market has changed tremendously, like many other areas of business. Investors, brokers, and homeowners have needed to adapt to lower property values and other challenges posed by market conditions. In 2006, you could purchase a home in need of basic remodeling (such as new kitchen, tiling, paint, etc) and earn double, or even triple digit returns within a few months. A new $10,000 kitchen and a few thousand in the bathrooms would reap returns that enticed even the most risk adverse investors.
Today, we live in a market climate where granite countertops and stainless appliances just aren’t enough. These are now very common features in average+ priced homes, and people simply don’t pay premiums for something that is everywhere.
Focus on the details!
A nice kitchen is great and so are newly remodeled bathrooms, but what type of faucets did you pick out? Did you save $100 on the single faucet, but spend $5,000 on cabinets? Be practical with the larger materials, such as cabinets or tile, and spend your money on the details. Think big custom (looking) shower heads, unique cabinet hardware, faucets that glow, you get the idea!
Don’t paint the walls beige and remodel each bathroom identically, trying to appeal to the broad market. Take some risks, stand out, offer something different, but that doesn’t mean lay red tile. Just like the rest of your life…. balance!
Kyle Sorel No Limit Real Estate – President/Broker