This video is about deciding on which remodeling projects are worth the cost and effort. Most existing homes can use some level of improvement before marketing starts. An older home that needs work might provide an opportunity to increase value when it does come time to sell.
While homeowners can generally do whatever project they want, people that recently moved into their home may want to look towards new homes or the resale market to gather inspiration for their project.
Speaking of the resale market, contact me to find home values in your neighborhood and the return on investment for projects you’re planning.
While I rarely recommend improvements before selling, if you are thinking of selling, the best return on investment comes from smaller projects such as new flooring and paint. They’re easy and can get the highest return. For larger projects, focus on the main living areas such as the kitchen and bathrooms.
Unless your making improvements for yourself, keep the fixtures and finishes more neutral to appeal to more buyers. If you’re looking to personalize your home, use decor that can be taken with you after you sell.
When renovating with the goal of selling, stick with a neutral color palate for a more universal appeal. However, keeping some of the original details can help a home stand out. Buyers like the uniqueness of a home so consider keeping details like crown molding, arches, and built-in shelves.
With some projects, you likely won't get back all the money you put in. Upgrades that may improve your lifestyle could be an annoyance for the next owner. If you’re working on a project for the purpose of selling, avoid overly unique customization and focus on features that will attract buyers.
For example, if you’re planning on living in your home for a while and have your heart set on those red and white ceramic tiles for the kitchen counter, just know the next person might not value them, and you won't get your money back.
Buyers expect a certain quality of materials and level of finishes in a certain neighborhood and price range.
For example, there may be an expectation that a new floor would be hardwood rather than laminate, and if you install laminate floors buyers might consider the trouble to replace. In fact, buyers might not make an offer, or if they do, reduce the price due to the perceived cost of improvement. If that’s the case, it’s probably better to not do the renovation.
The bottom line is if you’re going to stay in the home forever, make personalized improvements that you will enjoy. If the place your living in isn’t your forever home, save your money, make improvements that will add value to the house, and use the money you save to make great memories.
For more information on which projects are likely to add value to your home, contact me for home values in your neighborhood and which projects are likely to give you the best return on investment.
Thanks for watching.
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