Exterior Upgrades That Boost Value and Joy
As the summer kicks off, you may be eager to tackle projects to enjoy and boost life at home. We love when our clients make their visions for their property a reality! And we want to ensure your renovation, redesign, or restructuring projects support your home’s value. Even if you’re years away from selling your home, keeping you educated is important to your RE/MAX Alliance agent.
A recent survey conducted by the National Association of the Remodeling Industry (NARI) sheds light on homeowners’ top motivations for investing in home renovations. According to NARI members, here are the three most common reasons why people remodel their homes:
#1 Improving functionality and livability was the top priority (35% of homeowners).
#2 Investing in durable, long-lasting features, such as materials and appliances (22% of respondents).
#3 Enhancing their living space’s beauty and aesthetics (14% of owners).
It’s fascinating how homeowners’ motivations align with buyers’ preferences in a listing. They’re willing to pay a premium price for a property that meets their criteria (turnkey is most appealing). The quality and presentation of your home’s exterior can significantly impact its marketability and offer potential down the road.
Read: Remodeling Your Home? Read This First
Projects That’ll Improve Value and Joy
Curious about which exterior projects are most appealing to homebuyers and can provide a good return on investment? The National Association of Realtors® has some valuable insights. A recent study found that specific home improvement projects can help sellers recover their investment at the closing table. Keep in mind that the actual cost of a remodeling project and its potential return on investment can vary depending on several factors, such as the design, materials used, location, age, and condition of the property.
If you have room for some flexibility in your plans, consider investing in projects that can yield a good return in the future. Another ranking by NAR are “Joy” Projects – the improvements that create the most satisfaction homeowners reported afterward. These elements also matter to buyers as well. Another that should be on the list: Freshen outdated window treatments and wash all windows. And while you work on the front door, fix cracked or broken siding and trim and tend to any steps, sidewalks, or patios with cracks, chips, or uneven pieces.
Remember, your RE/MAX Alliance agent will provide you with valuable recommendations for reputable vendors and contractors. With their help, you can ensure your home remodeling project succeeds. So before you start making drastic changes, add contacting your RE/MAX Alliance agent to your list of to-dos. Your agent is always available to offer guidance and support throughout any home-related projects. Text, call, or email them your questions today!
Source: NAR 2022 Remodeling Impact Report, realestate.usnews.com, forbes.com