Owners love remodeled kitchens
Homeowners across the country have just opened their doors and hearts for family and friends in celebration of wintertime traditions. Not coincidentally, as we head indoors for the winter season, some homeowners begin to pay more attention to necessary home improvements. Spending many hours preparing favorite holiday meals in tight or dysfunctional spaces, owners end up refocusing on the ways their kitchens falls short and begin to dream of a remodel.
The National Association of Realtors (NAR) 2015 Remodeling Impact Report found that 36 percent of homeowners reported the top reason for remodeling their kitchens was to upgrade worn-out surfaces, finishes, and materials. Modernization of the kitchen was the second most common reason for remodeling, and ultimately it pays off: 82 percent of home- owners said they had a greater desire to remain in their home since completing the project.
In response to NAR’s Home Features Survey, 53 percent of buyers undertook a home improvement project within three months of buying their home, and the typical buyer spent $4,550 on those projects. Remodeling the kitchen was the most common home-improvement project as nearly half of homebuyers undertook a project in that room.
Home buyers value modern kitchen features so much that they are willing to spend more money to have them. Seven out of 10 homebuyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with them. A modern kitchen is most important for single men and married couples as both groups placed higher importance on new kitchen appliances than other groups of buyers.
A kitchen remodeling project could also make your home more attractive to potential buyers when you sell it. When asked to rank the projects that appeal most to buyers, a kitchen renovation was at the top of the list of projects Realtors felt would likely add value to the sale. About 57 percent of Realtors also reported in the survey that they’ve recommended clients update their kitchens before putting their homes on the market.
Remodeling a kitchen in the City of Santa Fe will likely trigger theGreen Remodeling Code, so be prepared to ensure that your new kitchen features and space will meet the regulatory requirements. The regulation is aimed at reducing our collective carbon footprint, reducing energy and water consumption, and en- couraging recycling. To learn more about the City of Santa Fe’sGreen Remodeling Code, visit www.santafenm.gov/ greenbuildingcode and look under the Residential Green Building Code section for additions and remodels.
Paco Arguello is chief executive of the Santa Fe Association of Realtors. Contact him at 982-8385 or firstname.lastname@example.org