How many times have you see this? Kitchens & baths sell homes.
Ok sure, a great remodel can encourage a buyer to bite… BUT, if the seller has decided to fork out for a remodel right before putting their home on the market, do they see that money back? Rarely, if ever, and certainly not in this market.
The reality is while you get some of your loss back, the bottom line is it is often a loss. You might see around 70% on a remodel, maybe. On average a kitchen remodel can cost around $25k, that is a $7,500 loss.
I have seen so many home selling shows, where the buyer thinks the more they put into the home for sale, the more he/she will get back. They end up being dead set on a certain selling price, and are willing to spend $5k, to get $1k more on the home sale.
People really have gotten that out of touch!
Does it speed up the home sale? Not always, especially if your competition is foreclosures, or homes just selling cheap and needing some work. A willing buyer, who wants to do the work their own selves, or maybe someone does not think the work the seller put into the home is not worth the asking price, or maybe they just do not like the work the seller completed.
It is a tough market, the reality is.. if you are staying, and can enjoy the remodel, fine. But if you are trying to remodel to catch a sale, in this market.. seriously reconsider.
