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3 Kitchen Remodeling Tips That Attract Buyers
Does scrolling through Instagram, seeing picture perfect kitchens have you worried about how you’re going to sell your house when all of the buyers out there probably want the Instagram version? Well here are a few tips that can help give your space a mini face lift without spending $30,000 on an Instagram perfect kitchen remodel so you can still be sure to attract lots of buyers!
#1: ADD AN ISLAND
Islands are great for entertaining and also can add a ton of extra storage space for small kitchen appliances, serving platters, and pots and pans.
The good news is that you don’t have to match the island to your current cabinets, you can have fun with it! You could look for a freestanding island on sites like Wayfair, Pottery Barn or Crate & Barrel to find one that complements the style of your kitchen. You could even take it with you when you move (or it could be a negotiating tool to increase the buyer’s offer price)!
If you’re buying an island on more of a budget, consider buying an unfinished wood version and painting it yourself. You can even make it a pop of color like the trending blue and green cabinets we’re seeing lately so it stands out without changing the entire kitchen to a trendy color.
#2: ADD ACCESSORIES
Whether you’re going to be putting your house up for sale or just want to add some style to your countertops, adding accessories can make your space feel cozy and also more stylish!
You want to reduce kitchen clutter when it comes to pieces of mail, too many kitchen appliances (goodbye blender, toaster and juicer), and other junk that accumulates but you don’t want the countertops to be completely bare.
So replace those not so pretty items with stylish accessories. Consider adding items such as a nice pitcher, a vase of flowers, a plant, a wire basket filled with pretty cookbooks, an Anthropologie candle, a bowl of colorful fruit, and even your Kitchen Aid Mixer (especially if it’s a fun pop of color!)
#3: UPGRADE YOUR SINK STYLE
Is your sink comparable to the generic, shallow – stainless steel sinks you find in many apartment complexes? Or maybe it’s really scratched up and turning into more of an eye sore.
Replacing your sink with a modern style can make a big difference in your kitchen’s appearance without costing you a fortune!
If you want to take it even further, replace the kitchen faucet while you’re at it! Search kitchen trends on Pinterest or look at popular interior design accounts on Instagram for inspiration and to see what will fit your overall style best!
HOW MUCH BELOW THE ASKING PRICE SHOULD WE OFFER ON A HOUSE?
You’re getting ready to start the home buying process, browsing through all the real estate websites to see what’s out there and have started your new home wish list. You’ve probably been getting advice from friends and family members about how to get a good deal and things you should do to avoid overpaying. Now you’re wondering how much do you actually offer on a house? Is there some kind of magic formula to follow or do you just throw out a number that you’re comfortable with? Here are a few things to consider before determining how much to offer on a house:
Know the Market: Before even considering how much to offer on a home, it’s important that you’re familiar with the market you’re going to be looking in.
The market can vary between cities and price ranges so you’ll want to meet with your Real Estate Agent before jumping into the actual search process so you can learn about the current market of the cities you’ll be looking in.
The ability for you to submit an offer below the listing price will entirely depend on whether you’re in a buyer’s market or a seller’s market. Typically if you’re in a buyer’s market you’ll have more flexibility on price because the number of homes available is high and they tend to sit on the market for longer. The opposite is true if you’re in a seller’s market where inventory is low. This can lead to multiple buyers being interested in the same property, which would mean you wouldn’t want to lowball at all but instead offer at or maybe even above the list price. Again, it depends on the property.
Check the Number of Days on the Market: The second factor you’ll want to consider is how long the home has been active on the market to get an idea of the demand for the property. For example, if you want to write an offer on a house that has only been on the market for 2 days you probably won’t want to offer the seller way below the asking price if you hope for them to at least counter your offer. On the other hand, if the house has been sitting for sale for over a year, you’ll probably have some more flexibility to go in with an offer lower than the asking price.
Remember that even if a house has been sitting for an extended period of time, you’ll want to use market stats to back up your offer. This is something your Real Estate Agent can help you with. If you really want the offer to be taken seriously, you’ll want to avoid completely offending the sellers so make sure you’re not just blindly throwing numbers around.
Check the Comps: You also don’t want to overpay for the home so it’s important to look at neighborhood comps and see what other homes in the area have been selling for. Then compare the difference in features, square footage, updates, and any other major factors. The comps are what you can use to justify your offer price when you first submit an offer. This will back up why you’re offering the amount you’re offering instead of just appearing like you’re trying to get a deal.
Ask Yourself – On a Scale from 1-10, How Badly Do I Want This Home? The last thing you should determine is how badly do you want the house. Ask yourself – if your offer were to be rejected, will you regret not coming up in price or can you easily move on to the next house.
Try thinking about the home on a scale of 1-10. If you finally found everything you’re looking for, would it be worth losing for X amount? Decide what X is. If you lose it for more than what you’d regret losing, then it’s probably for the best!
There isn’t one answer on what you should offer on a home and there also isn’t a magic formula. You should work with a Real Estate Agent who you trust to guide you in the right direction and make the best decision for you.
Home Buying Myths
Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let’s go over the real facts about buying a home and knock those myths out, so they don’t hinder your ability to purchase!
CREDIT SCORES
Though it may come as a surprise, you don’t need a perfect credit score to purchase a home. Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580. Although there are other required stipulations to qualify for the loan, you don’t need a perfect score in the 700’s or 800’s to get approved for a mortgage.
DOWN PAYMENTS
You don’t have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. These days, there a large variety of loan programs that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you’ll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less that 20% of the purchase price. If you’re in a buyer’s market, you may even be able to negotiate for the closing costs to be covered by the sellers.
Be sure to connect with a local real estate agent to ensure you have the right facts. Don’t let online myths persuade you into thinking you can’t qualify or afford to buy a home. There are a variety of programs to help you get into your dream house. Since these vary by county to county, and state to state, it’s imperative to call your agent and let them fill you in on the facts.
You’re Making Your Landlord Rich
While you’re fussing over your bills, did you realize you’re making your landlord rich? Rentals are the most lucrative business to get into. It turns ordinary people into multi-millionaires. The next time you’re afraid of committing to a mortgage, keep in mind that you’ve already committed to paying off the mortgage of someone else – every single month you rent. The only time home buying doesn’t make sense is if you’re still living with your parents rent-free. Or you prefer to live out of an R.V. or tent. But if you prefer to live in a home, or a condo, it always makes the most sense to buy.
Stop making your landlord rich and start building your own net worth. You can still enjoy owning a home – even if you don’t intend to stay in an area for long. You can always resell your home, most often for more money than you put in, or turn it into a lucrative side business by hiring a property management company to rent it out on your behalf. Whatever you decide, don’t be afraid of a mortgage commitment – you’re paying one regardless. Now ask yourself, do you want to make yourself money or make your landlord money?