STATEN ISLAND, N. Y. – Staten Islanders are opening their doors for friends and family in celebration of wintertime traditions. Not coincidentally, it is during the holiday season that homeowners on the Island and across the nation pay particular attention to necessary home improvements as they get ready to host their loved ones.
While spending numerous hours preparing their favorite holiday meals, owners may focus in on the ways their kitchen falls short, and dream of a refurbishment.
Thirty-six percent of homeowners nationwide said the top reason for remodeling their kitchen was to upgrade worn-out surfaces, finishes and materials, according to the National Association of Realtors® (NAR) 2015 Remodeling Impact Report.
“Across the country, modernization of the kitchen was the second most common reason for remodeling, and ultimately, it pays off; 82 percent of homeowners said they have a greater desire to be home since completing the project,” said Sandy Krueger, CEO of the Staten Island Board of Realtors (SIBOR).
According to NAR’s Home Features Survey, 53 percent of buyers undertook a home improvement project within three months of buying their home, and the typical buyer spent $4,550 on those projects. Remodeling the kitchen was the most common home improvement project as nearly half of home buyers undertook a project in that room.
VALUED BY BUYERS
Home buyers value modern kitchen features so much that they are willing to spend more money to have them, NAR found.
Seven out of 10 home buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with them. A modern kitchen is most important for single men and married couples as both groups placed higher importance on new kitchen appliances than other groups of buyers.
ADVANTAGE FOR SELLERS
A kitchen remodeling project could also make your home more attractive to potential buyers when you sell it, Krueger said.
When asked to rank the projects that appeal most to buyers, a kitchen renovation was at the top of the list of projects Realtors® feel will likely add value to the sale.
“About 57 percent of Realtors® also reported that they’ve recommended clients update their kitchens before putting their homes on the market,” Krueger said.
About the Staten Island Board of REALTORS® (SIBOR)
Having marked its 100th anniversary in October 2015, the Staten Island Board of REALTORS® (SIBOR) is the largest professional association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at www.SIBOR.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors” and on Twitter via @SIBOR.
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: Bhorowitz@RelevantPR.com
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