Updating my Kitchen - Is it a smart thing to do in Phoenix right now?
A Phoenix client of mine called today and asked if I had a few minutes to talk about a kitchen remodel and if
that made sense for her. She's lived in her home about 15 years and hasn't done anything to the kitchen since she closed escrow. I knew what she had paid for the home and what it's market value would be today.
What I didn't know was if she had re-financed, which might have caused her to be upside down on her mortgage. Many folks here in Phoenix did re-finance so it was a good chance she had as well.
Sure enough she did re-finance not once but twice. She owes about $50,000 more than she could sell her home for, if that's what she was planning on doing.
But it's not what she was thinking. She simply wanted to jazz up her kitchen!
We talked about what she didn't like about her kitchen and what visions she had in mind. Of course she wanted to put in new cabinets, floors, granite and stainless appliances. Well, right off the bat I knew that was going to be a $30,000 to $40,000 remodel. And it just doesn't make sense at this point. If she could pay cash for it that might be a different situation. She was thinking of charging most of the remodel.
NOOOOOO! That is not a good idea in fact it's a very unwise choice
at this time and place in our market and where she's at financially.
After we talked a bit longer she started to 'pencil in the numbers' and saw that it really wasn't a smart idea for her, right now. We went on to talk about other ways that she could 'jazz up her kitchen' and give it a new look - within a reasonable budget. The cabinets are white so she's going to change to a darker more updated color and add new hardware. She's got a wallpaper border around the back splash area which she can't stand anymore so she's going to pick out 'reasonably' priced tile and ask her brother to help her with that project. The walls need a fresh coat of paint. The tile counter-tops and floors simply need to be cleaned and the grout needs a make-over. Add a few new prints and a new window covering and it will look like a brand new kitchen!
By the end of the conversation she was feeling excited and happy about making a smart
choice - AND - excited about the changes to jazz up her kitchen on a tight budget.
Updating my Kitchen - Is it a smart thing to do in Phoenix right now?
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Real Estate and Working with my Clients is my Passion!
I take my clients trust in me very seriously. I'm known for 'telling' it like it is, not what folks might want to hear or think it should look like. Now that may sound kind of tough, but think about it, in the long run if you want to buy or sell a home you need to know the real facts in order to make a wise choice.
If you want the truth and the whole truth, I am the Phoenix Real Estate Broker for You.
When you are ready to buy or sell a Phoenix Area Home, I will be your advocate, guide, and fierce negotiator. I will work hard to make your buying or selling a home as smooth and stress-free as I possibly can - even if it's a short sale. Guaranteed.
Call me and we'll create a plan of action to buy a home or sell your home!
Sincerely,
Broker/Owner CRB, CRS, CDPE, GRI SFR
602-380-4886
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