A kitchen is often described as the heart and soul of the home, and for good reason. This is an area that is often used for family gatherings, for entertaining friends and for everyday living. You may begin mornings talking to your family in the kitchen about plans for the day, and you may end the day preparing a meal together while you discuss the day’s events. This is also a room that receives a great deal of scrutiny by buyers when you list your home for sale, and its style can have a direct impact on property value. In fact, in some areas of the country, homeowners may recoup more than 80 percent of the cost of a remodel in an increase in property value. With this in mind, you may decide to remodel your kitchen soon. By following a few tips, you can more easily walk through the remodeling process and get the kitchen you want.
Do: Create a Plan
Some homeowners will throw together a kitchen remodeling project by the seat of their pants. They may work on the back splash one weekend, and they may decide to do flooring a month later. This can create a hodge podge look to your kitchen, and it also makes it more difficult to budget properly. The best idea is to create a thoughtful, well-researched plan up-front before you begin any aspect of the project. Pick out all of your materials up-front so that they look great together, and you can even order them ahead of time so that your project is not delayed.
Don’t: Make Hasty Design Decisions
Your kitchen design will stay in your home for years to come and perhaps even a decade or longer. It will influence the style of your home, your property value and more throughout this time period. Consider if you have plans to sell your home during this time period, and if you do, choose materials and an overall style that has greater appeal to the masses. In addition, make design decisions that add to the functionality of your space. For example, you can move the appliances in different locations for better flow.
Do: Prepare a Remodeling Budget
A kitchen remodeling project may range in cost from a few thousand dollars to $10,000 or more, depending on the size of the kitchen, the quality of the features and other factors. Costs can easily mount, so it is important that you create a budget and tally all costs. If you plan to keep your existing appliances in place, you may want to get them serviced. Review your home warranty to see if your appliance work is covered in an effort to reduce remodeling and repair costs.
Don’t: Forget to Plan for Kids and Pets During the Remodel
In the days leading up to the start of your kitchen remodeling project, think about the scope of the project and how this will impact your daily lives. Your pets, for example, may need to be kenneled in the days while workers are in your home so that they do not get underfoot. You may need to move your fridge to the garage so that you and your kids have access to cold foods as needed. You may even consider asking a nearby friend or relative if the kids can stay with them for a few days while this process is completed. Because of how frequently used a kitchen is, a remodel can cause upheaval in your home that needs to be planned for.
Do: Seek Financing If Needed
The last thing you want when remodeling your kitchen is to run out of money halfway through the project. Financing is available in a variety of forms to help you pay for the high cost of a kitchen remodel. For example, some will put the expenses on a credit card, and others will apply for a short-term installment loan. If you have equity in your home, you may be able to access that equity through a home improvement loan. Explore the options with your bank to better determine which financing option is right for you.
A kitchen remodel is an excellent idea for older homes or homes that lack superior style. However, this is a major undertaking, and you want the project to be completed without a hitch. These helpful tips will assist you in completing your project without hassle or delay.
Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.
Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
1. Equity Build-UpHome prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:
“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.
The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”
2. Projected Home Price IncreasesIf you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.
3. Projected Interest Rate IncreasesThe Mortgage Bankers’ Association, Freddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.
Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.Bottom LineIf you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams!
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