Have YOU ever uttered the words, “I want a home that… “ Is a fixer upper, needs some updating, or needs TLC..? Then this is for you!
Finding a home that is not move in ready is not a challenge in today’s housing market. It seems like the only properties for sale are ones that have not been able to keep up with the times. This is really no surprise considering home prices are just beginning to rise after coming off of a very long period of depressed sale prices. According to the most recent news release from the National Association of Realtors; the median existing-home price for all housing types in March was $198,500, up 7.9 percent from March 2013 (http://www.realtor.org/news-releases/2014/04/existing-home-sales-remain-soft-in-march). As I have recently encountered with a client of mine, this is motivating many people who have no experience in the housing market to entertain the idea of a home renovation project.
The first question anyone in this situation wants to know is, if I put in “X” dollars will I gain that back in equity. Just because a renovation costs $1000 doesn’t equal $1000 added value to the home, simply stated not all renovations are created equally. Many external factors such as the market, timing, neighborhoods etc. can have an impact on how much equity a home improvement project can bring you so we suggest consulting your local experts before you begin. So what renovations may give the best bang for the buck? From my investment experience to yours, here are what we believe the top five renovations are that can make you equity.
- Kitchen Remodel. A well mapped out, functional kitchen renovation can not only create that “wow” factor, but can take your dollar the furthest in our opinion. Some smart strategies such as keeping the same footprint, not going overboard with appliances and utilizing timeless elements can keep things are on a reasonable budget.
- Curb Appeal. This is the outside of the home, the first thing anyone can see when pull up the home. The options to approve your curb appeal can range drastically in price such as; putting siding on the home or adding a stone wall to more affordable options by landscaping or installing a front door.
- Finishing the basement. This is the most affordable way to add square footage to a home. If your home has a history of having any sort of moisture, consult a professional first on the matter.
- Replacing Windows. No matter what your climate you are in this is the install that keeps giving, in savings on your heating and cooling costs.
- Add a large closet. Relatively an inexpensive project, but many older homes do not have many closets in their original footprint. This is a great way to update a home and add functionality.
*Thinking of listing your home in Rhode Island or MA? Call us for a free consultation!
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