Own­ers love re­mod­eled kitchens

Home - Santa Fe Real Estate Guide - - NEWSFROMSFAR WATERMATTERS - PACO ARGUELLO

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 paco@sfar.com

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