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July 31, 2007
Change is the only constant
I recently learned that a former boss of mine is leaving the company to take a new job. After my initial shock, I began to worry about his ability to sell his house in this market. While Knoxville, Tenn., hasn't been hit quite as hard as other parts of the country, there are an awful lot of houses with "For Sale" signs in their yards. I felt especially bad because Jim and his wife just finished a wonderful kitchen remodel less than a year ago. Turns out my concerns were unwarranted.
Jim sold his house in something like two days, thanks largely to that terrific kitchen. That's a confirmation of the value of remodeling. While some might think, "Why remodel? We won't be here forever," others know that keeping a house up to date pays off when it finally comes time to sell.
I had to leave behind a newly remodeled kitchen myself when I moved to Knoxville, and oh, how I miss it! I'm already making plans to fix the kitchen, which was outdated when the house was built 14 years ago. The floorplan is absurd; it's impossible for two people to work in the kitchen at once. The cabinets were poorly chosen, and it's pretty obvious that the original blueprint called for more of them. And after the quartz countertops I put in the last house, I really, really hate the cheap laminate in this one!
But in this market, I wonder how realistic it is to expect a reasonable return on investment for remodeling. Jim's experience is encouraging, of course.
What do you think? How are you remodelers selling jobs in a market that doesn't guarantee the same ROI as it did a couple of years ago? Or is it even a problem for your clients? Let me know.
Posted by Marjie O'Connor, HGTVPro.com Staff at July 31, 2007 9:53 AM
Comments
It's been said that the only constant is change. I don't agree with that. There's another constant, and that's the desire for change.
Dr. Robert Maurer
Posted by: Lacey at August 1, 2007 1:21 AM
Well presented homes that have a logical flow sell in any market. The trick is to not over do the development or design of the home. Being cognizant of the market around you helps to determine what the market will bear - not only in your neighborhood but your town. It is also fun to see if you can create the same look of more expensive homes on less dollar.
It takes a little time to discover the feel of an area but it is well worth the time and energy.
Posted by: Carol at August 1, 2007 7:02 AM
Every room in the house consists of the walls, ceiling, and floor. The kitchen and bathroom(s) of the house are accessorized with fixtures, appliances, cabinetry, tile, etc., which sets them apart from the rest of the house as being "special" areas. How well these special areas are designed and executed renders them as being poor, average, or superior to the other rooms, or to other kitchens and bathrooms in other homes.
The kitchen, particularly, is more than a showcase for the homeowner's vanity, it is a functioning work center. Done well, it will differentiate itself from other kitchens, and will support a correspondingly higher asking price in the resale market. Whether the return on investment is as high as it was a year or two ago is less important than whether or not it will work well for the user(s), and boost the perceived value of the property in which it is located.
Posted by: W. J. Parker at August 1, 2007 9:49 AM
Do you know what I think I mean this is only my opion. I don't think it's right that anyone should have to leave their own country to find work to be able to feed and give their family some of the things they want and need.I am an American but I married a mexican from mexico. I fixed his papers 25 years ago. And all that bull about only wetbacks would take jobs working in chile feilds is wrong . If the farmers paid the american people well there would not be homeless or unemployment in the U.S. Iwould gladly go to pick chile if I were getting paid more than the minum wage . It shouldn't be up to the U.S to fix this problem .It should be their uwn countries goverment to give them a good life so they would not have to leave . Instead of giving them pamplets on how to survive the heat of the desert. Yes pesident FOX passed out booklets to all his people. this to me is telling them to go so he and can be the king of his throne.
Posted by: linda at August 8, 2007 1:31 AM
