Selling a house in Detroit can come with a variety of challenges. In this article we will discuss what you could expect when selling a property without an updated kitchen. You might not think much of it but the truth is, kitchens and bathrooms sell houses! There have been many studies conducted on this topic and the outcome of those studies and surveys have proven it to be true again and again. With that being said, what is to be expected when selling a house with a kitchen that is totally outdated? It actually depends on the type of buyer so let’s dive in to the details.
What Type Of Updates Is A Buyer Looking For?
When we say the word “updates” we are referring to various components of the kitchen. We can start with the flooring and the various types such as a variety of tiles, laminate, hardwood, linoleum or vinyl. Next there’s the countertops and backsplash. As of the creation of this post, countertops made of granite, marble and quartz are in style. Stainless steel appliances are also something the average buyer expects to see in an updated kitchen area. Other things are important as well such as lighting and modern fixtures.
Selling To Someone Who Will Occupy The Home
For obvious reasons most people who are buying a home and looking to move in would prefer it be in turnkey condition. Small cosmetic things like changing the color of the paint or minor touch ups aren’t usually an issue with these types of buyers but a kitchen remodel is not a small job. Remodeling a kitchen can be a very expensive and stressful project for a new home owner. The average home buyer with the intention of occupying the house is usually looking for a kitchen that has been updated within the last 5 years. If you haven’t had updates within that period then you could expect either to not receive many offers or maybe a low ball offer.
Selling Directly To An Investor Buyer
Selling a house to an investor in Detroit is a much different experience than to an occupant buyer. An investor buyer will usually have a few ideas in mind concerning what they might do to the kitchen before making an offer. In some cases they might intend on doing very little to the kitchen and renting out the home to a tenant. In other scenarios they may completely renovate the kitchen and eventually resell the property to another buyer for a profit. The exit strategy for an investor depends on a list of things for them to consider. If the resale value after repairs is too low then they might hold it as a rental otherwise they might flip the property. Much of this is determined by the condition and location of the neighborhood and comparable sales that support their investment strategy.
