Remodeling Your Home? Read This First
Are you making big plans for your house this year? Good for you! We love it when our clients make a property their HOME. It’s your satisfaction that drives us RE/MAX Alliance agents. While it’s exciting to start a remodel, redesign, or restructure the layout, we feel responsible helping you retain and grow in appreciation. Your happiness matters now and, in a few years, when it’s time to list your home.
Reasons for Remodeling
The National Association of the Remodeling Industry (NARI) surveyed its members about homeowners’ reasons for remodeling:
- Upgrade worn-out surfaces, finishes, and materials (27 percent)
- Improve energy efficiency (19 percent)
- Ready for a change (18 percent)
- Selling home in the next two years (18 percent)
Remodeling Results
Homeowners shared with NARI the most important result from their remodeling projects:
- Better functionality and livability (28 percent)
- Durable, long-lasting features such as materials and appliances (23%)
- Beauty and aesthetics (23%)
Interesting…the list of priorities aligns with what buyers look for in a listing! Once they’ve narrowed down the location or area, buyers’ next priority is a home that will support their lifestyle. Considering they’re paying higher prices, the better quality and presentation a listing provides, the more likely sellers are to receive offers at or above the asking price. Even now…a well-loved home in a great neighborhood that’s priced well can have a bidding war!
But what may be a more functional space for you could differ from the average buyer. So we strongly encourage you to get in touch with your RE/MAX Alliance Agent before:
– Removing a bedroom or bathroom.
– Reducing the home’s square footage.
Your agent can do a quick Comparative Market Analysis (CMA) to see if your home will hold its value. If other properties in the area have similar numbers (for example, 3 bed/2 bath, 3,500 total square feet) and are selling well, then it’s no problem. But when it’s time to sell, and you have fewer rooms or square footage than surrounding homes, you may have to sell for thousands of dollars less.
WHICH REMODELING PROJECTS ENTICE BUYERS?
Below is an insightful study by the National Association of Realtors ®. They assessed how appealing the most common remodeling projects are to homebuyers. Members estimated how much sellers recovered from their investment at the closing table.
Of course, a project’s actual cost and recovery can vary based on the design, type of materials, property’s location, age, and condition. So for your neighborhood, adding another bathroom could have a much larger return.
If your “ready for a change” plan is flexible, consider investing in projects that will pay off down the road.
There are many ways homeowners find joy in not-as-expensive projects like painting the interior, setting up a home office, or even just a fantastic deep cleaning. Remember, your RE/MAX Alliance Agent has recommendations for great vendors and contractors.
We know it’s possible for you to thoroughly enjoy your home and get an excellent return when it is time to sell. So include texting, calling, or emailing your RE/MAX Alliance Agent on your list of to-dos before the sledgehammer flies!