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How to Set a Kitchen Renovation Budget on Huntsville Homes

By: Huntsville Real Estate Expert Mike Manosky On January 24, 2011

2751078_sThere are many Huntsville homes currently for sale.  An obvious question you must ask yourself in today’s market is how to make your home stand out.

Whether you’re a real estate investor wanting to flip several Huntsville homes or a homeowner selling your current home, one of the top ways to increase your home’s value is remodeling the kitchen.  The kitchen is the central meeting place of the American family and people want it to be modern and up to date.

Do a Price Comparison among Huntsville Homes

Your renovation budget is one of the primary concerns to take into account before you begin.  The current value of your home, as compared to other homes in your neighborhood, is one way to determine how much you should spend on your kitchen renovation.

  • Higher Price Range = Lower Budget Needed. Is your home worth about the same or more than most homes in your neighborhood?  This indicates a diminished chance of selling for much more, even after enhancements.  Stick with a moderate budget.  This may seem contrary to instinct but it’s true.
  • Lower Price Range = Higher Budget Needed. On the other hand, if your home is appraising lower than those in the area (or is decidedly on the lower end of the scale) investing more in excellent kitchen remodeling is a great way to increase the value of your home.

Overspending Yields Lower Rate of Return

Investing too much on one aspect of your home (especially a home that’s already approaching the price ceiling for the area) is a potential money burner.  Keep a moderate budget, and if you have more money to spend, invest it in other areas of your home (exterior improvements, for example).

Perception Is Reality

Once you decide on a budget, remember that appearance is everything.  Faux marble, for instance, looks about as nice as marble.  The only reason for genuine marble or solid oak is bragging rights.  A new faucet on a moderately up-to-date sink is almost as impressive visually as a totally new sink.

“Do one thing… And do it well,” applies here.  If you must add luxury, add it to one element and cover the rest with perception strategies.

If you’d like additional advice on the home improvements that are most likely to increase the value of your home, I’d be happy to help.  Call me today at [phone] or email me at [email].

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