The 80’s & 90’s oh how we love you, your oak kitchen cabinetry not so much. Touring homes with clients I run into the honey oak cabinets from the 80’s & 90’s all the time, and typically the thing I hear from them is that this kitchen is a total remodel. Which as we all know can be EXPEN$SIVE!!!! Not to mention the thought of a total kitchen remodel can be overwhelming to some. However, there is a solution that can keep you from completely gutting the kitchen, and starting all over…..painting your kitchen cabinets. In one of my previous homes I had the dark 1970’s cabinetry and I painted the boxes myself, while my late husband made new door and drawer fronts, so I know how time consuming doing it yourself can be. Also, many people don’t want to do it themselves which is where this week’s local business comes in, K’tique Redesign.
Owned by Katie Knutson, K’tique Redesign was founded in April of 2018. Katie takes those ugly dated honey oak cabinets and transform them into beautiful 2020 style gems! She is located in Boring, Oregon but works throughout the Portland Metro area and recently completed a job in Forest Grove. Katie is a one woman show so when you contact her to turn your outdated kitchen into the kitchen of your dreams you will know that she’s the one you will be working with from start to finish. I personally find that nice as I have had contractors out for projects in the past where we have agreed upon what needs to be done but that doesn’t get communicated to the folks doing the work, and then the project turns into a mess because it’s not what we had discussed.
So, what are the benefits to having your cabinets painted as opposed to just starting over? Well, cost for one. It’s expensive to rip out old cabinets and then add new ones. In addition by having your cabinets redone there is no need to rip out your counter tops, flooring, sink, etc. So, if you’re wanting to re-do your kitchen but the thought of tearing everything out is overwhelming talk to Katie because painting your cabinets may be the solution you are looking for.
We have seen more unemployment claims than ever before over the past several weeks and let’s be real fear is spreading widely. There is some good news, however, more than 4 million initial unemployment filers have likely already found a new job, as industries such as health care, food and grocery stores, retail, delivery, and more increase their employment opportunities. So, let’s break down what unemployment means for homeownership, and start to understand how the significant equity Americans hold today, are important parts of seeing the picture clearly when sorting through this uncertainty.
One of the biggest questions right now is whether this historic unemployment rate will initiate a new surge of foreclosures in the market. Given that the Great Recession of 2008 is still fresh in many peoples minds this is a very real fear. Despite the staggering number of claims, there are actually many reasons why we won’t see a significant number of foreclosures like we did during the housing crash twelve years ago. Why? Well, the amount of equity homeowners have today is a leading differentiator in the current market.
According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity. That number is drastically different than it was in 2008 when the housing bubble burst. The last recession was painful, and when prices dipped, many found themselves owing more on their mortgage than what their homes were worth causing homeowners simply walked away at that point. Currently, 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear. Those homes are not at risk for foreclosure (see graph below):In addition, CoreLogic notes the average equity mortgaged homes have today is $177,000. That’s a significant amount that homeowners won’t be stepping away from, even in today’s economy (see chart below):In essence, the amount of equity homeowners have today positions them to be in a much better place than they were in 2008. The fear and uncertainty that we are feeling right now is very real, and this is not going to be an easy road we go down. However, seeing strength in our current market through homeowner equity that was not there in the past is a bright spark to help us make it through this difficult time.
Thinking about selling your home can be daunting. My husband and I think about selling our home often, but eventually the discussion falls to the honey do list. You know the one, it’s got all small preventative maintenance issues on it that you don’t seem to get to because it doesn’t bother you. In our house it’s painting. However if we were to sell our home it would be something that we would need to do. Why? Often times sellers assume that prospective buyers are ready, willing and able to invest in those needed home improvement projects, post-sale. The reality is that not only is this belief often inaccurate, by making this assumption sellers are greatly reducing the probability of getting fair market value for their home.
The truth is that when you sensibly invest in meaningful home improvement projects prior to listing you will better-position your home among comparable properties.
Step 1: Before you get started on your home improvement projects, consult with your local Realtor®. They can provide you with valuable insight on comparable properties, estimate your return on investment on potential improvements, as well as prepare a comparative market analysis on your home allowing you to determine a budget for renovations. You can expect to see the highest return on investment on kitchen and bath remodels, as well as improving the curb appeal of your home. After all it is the first impression potential buyers will have of your property.
Step 2: Once you’ve determined which handful of home improvement projects are the most feasible it’s time to begin interviewing licensed professionals! Don’t worry if you don’t have any in mind, you can lean on your local Realor®. They have access to a handful of trusted experts who are available to you.
Step 3: It’s time to get to work. You will need to determine a timeline for your home improvement projects and when you will be prepared to list your home for sale. Your Realtor® will help you to determine a solid marketing plan for your home.
Relying on prospective buyers to determine what it will cost to make necessary home improvement projects can lead to them drastically undervaluing your home and submitting a lowball offer. The solution to help you avoid this is to have your local Realtor® tour your home prior to listing to help you come up with a list of home improvement projects that you should consider prior to selling your home. A few gallons of paint are cheap when compared to a low ball offer because a buyer feels they will need to spend thousands to repaint.