Every homeowner who’s considering remodeling their home has to ask themselves the question: “Am I doing this for the next owner or me?” And let’s face it, you’ll make different choices depending on the answer to that question.
When you’re remodeling a home to sell it, there are differences when compared to a house you’ll be inhabiting. Here, George Campolo, an Associate Real Estate Broker with RE/MAX Distinguished Homes and Properties, will outline three tips for homeowners who are remodeling specifically to sell their home.
Tip 1) Understand the difference between home improvement and home maintenance.
These two terms separate the actions that you take to improve your home into two different categories. Home improvement involves changes you make to increase the value of your home, while home maintenance is fixing and replacing worn or outdated components of the home.
It’s essential to focus on what moves you will make to increase the value of your home, not just the standard appliance improvements to get the house sold. For example, replacing an old refrigerator does not improve your home’s value, but re-tiling your bathroom will.
The 2019 Cost vs. Value report reflects the financial benefits for homeowners renovating with their focus on increasing the home value. Home improvement projects associated with exterior projects were nine out of ten of the best job returns.
Tip 2) Prioritize to the best exterior job, and interior job returns when determining your budget.
The reality is home improvement costs can quickly add up. Plan to get the best return for your money by consideringwhich exterior and interior jobs are a necessity for your home and get you the best ‘bang for your buck.’ Here are some examples of home improvements you can make to increase your home’s value and prioritize based on your budget:
- Garage Door- Replacing the two-car garage door with a motorized four-section garage door with durable steel tracks can result in a 97.5 percent project return.
- Siding- Worn siding can make a home appear old and decrease the original value. Replacing it will not only increase the aesthetic value of the home, but is predicted to give you a 75.6 percent return for the job.
- Kitchen and Bathroom- Remodeling your kitchen and bathroom with functional, energy-efficient fixtures and appliances and a modern style that makes it appealing to the eye can boost your home’s value significantly.
Tip 3) Use valuable materials when remodeling.
The beauty behind modernized home improvements is exploring the benefits of specific materials used in some areas of the home to increase value.
Stone veneer is a very appealing enhancement to a home. Using this material on some regions of your home, such as an entryway, in replacement of vinyl siding can result in a 94.9 percent return.
A wooden deck is nothing new, but it is a traditional material that creates a high increase in value for a home, especially if you have a big yard. Also, when building a wooden deck from scratch, the job can result in a 75 percent return.
A great material to use in the replacement of your current entryway door is steel. Steel can increase the value of an entryway door project by 74.9 percent.
If you are thinking of selling in the near future, an experienced Realtor can offer great insight as to what you should consider to get the most from your time, money and effort.
About George Campolo
As an experienced real estate professional, Mr. George Campolo works with first-time homebuyers regularly, helping them navigate the practical side of buying real estate from making introductions to the right mortgage lenders as well and working with the right home inspectors. He listens to his clients and picks up on cues that can help them secure the right and best home for their needs and budgets, all while offering impactful insights into how they can maximize their investment and enjoy the home of their dreams.
Contact George at (914) 760-6858
