Updating a kitchen with paint
But it’s also a testament to the couple’s savvy instincts about what today’s buyers are looking for, especially now that millennials, 75 million strong, have become the leading cohort of buyers, purchasing 32 percent of homes in 2014.
Expect to spend $40 to $100 per square foot, installed.If you plan to sell, don’t rip your kitchen down to the studs; a smaller investment can have serious impact.For as little as $5,000, you should be able to add a new suite of appliances, as well as a new countertop and flooring, resulting in a fresh, coordinated look.They refinished the kitchen cabinets, and installed new stainless-steel appliances and LED lighting.New engineered wood floors replaced the mishmash of linoleum tiles and musty, high-maintenance carpeting.They can house an additional family member or provide rental income—allowing baby boomers to afford their house once they retire or helping millennials pay the mortgage.
More municipalities, particularly in Western cities, are amending zoning laws to allow for ADUs. Younger buyers in particular say they want a dedicated laundry room, perhaps off the kitchen or even near second-floor bedrooms.
Outside, they removed the asbestos siding and installed durable, no-paint fiber cement.
They also used that moment to rewrap the house in rigid insulation, improving its overall energy efficiency.
Finishing a basement is the most common way to add usable square footage to a home. Many younger buyers will envision the additional living spaces as a dedicated office, especially if they work from home.
Most homeowners spend between about $10,000 and roughly $27,000 converting a basement, depending on the size of the space, according to estimates from Home Advisor, a website that connects homeowners with prescreened service professionals. And at the other end of the spectrum, “a lot of my boomer clients are daytime caretakers for their grandkids,” says David Pekel, who owns a remodeling company in Wauwatosa, Wis.
Potential bump in sale price: 3 to 7 percent Bigger isn’t necessarily better in today’s market, but strategically increasing the amount of living space is sure to boost home value.