Before listing their homes for sale, Patrick Ryan McCann, a seasoned renovator, notes that many homeowners may undergo significant remodeling improvements. He often poses good questions. After all, renovations always increase the sale price, right?
Upgrades frequently fail to pay by themselves
How do you determine which upgrades are worth the time, effort, and cost and which aren’t? To get the most out of your remodeling budget, Patrick Ryan McCann suggests learning about the typical return on investment for four styles of renovation projects: the fundamentals, curb appeal, the best return on value for your buck, and passion projects.
The fundamentals are the items that every buyer anticipates when purchasing a home. According to Patrick Ryan McCann, this includes a leak-free roof, working gutters and downspouts, a dry basement, a dependable furnace, solid floors, well-maintained walls, functional retaining walls, and working plumbing and HVAC systems. Potential house buyers, even first-time buyers, have a checklist containing all these facilities. In expensive residences, the essentials may include a certain number of bedrooms, baths, multiple-car garages, and other community features.
This does not imply that you must upgrade everything. You can concentrate on routine maintenance and more minor, less expensive changes that keep everything in working order. Adding the fundamentals to a home that lacks them does not add value. It simply brings the property up to the standards of the other homes in the neighborhood, allowing you to ask for a comparable price.
But on the other hand, while you want your home to stand out from the crowd, you shouldn’t go above and beyond the neighborhood norm. You will not only lose money, but you may also scare off potential purchasers. In summary, before spending a fortune on an extensive restoration job, think about what the competing residences in your neighborhood have to offer. Determine how similarly priced homes in the neighborhood compare and make modifications based on your specific market.
Curb appeal improvements improve the property’s appearance as soon as prospective buyers arrive. While these repairs may not add much monetary worth to your home, Patrick Ryan McCann maintains that they will help it sell faster. And, you can perform much of the work yourself to save money and time.
Never underestimate the power of well-kept grass, low-cost landscaping, fresh paint from the inside out (especially the front door), clean carpets, and new external fixtures (e.g., address numbers). Lighting is another crucial component (both exterior and inside). Still, if you overdo it, it can break the bank or overload your circuits. While you want your home to appear bright and welcoming, consider installing essential lighting for a modern improvement.
However, err on the side of simple vanilla. Now is not the time to introduce daring design elements into your home’s decor. Choose delicate, elegant patterns that will appeal to a broader audience. You can hire an interior designer if you need assistance with these undertakings. Just make sure to prioritize low-cost options.
Avoid using prominent design elements in your décor. Subtle accent walls and stylish backsplashes will significantly increase the appearance of your property.
Best Value for Money
Fix-it-and-flip-it contractors choose projects that add the most value at resale, and they should also be high on a homeowner’s list. While not all of these changes will pay for themselves, Patrick Ryan McCann observes that some will.
Wood flooring (new or refinished), upgraded bathrooms, kitchen renovations (new countertops or state-of-the-art appliances), and basement or attic conversions are among the projects with the highest return on investment. They frequently recoup 80 percent or more of their cost at resale, according to the National Association of Realtors (NAR). Specific exterior improvements, including roofing, siding, doors, windows, rebuilt decks, and energy upgrades, also provide a lot of bang for the buck regarding resale.
Projects of Interest
Passion projects are investments made by homeowners in activities they enjoy without concern for an expense.They can be swimming pools, tennis courts, hot tubs, wine cellars, game rooms, and even ponds. Regardless of how excellent these amenities are, Patrick Ryan McCann knows too well that they are costly to build for the homeowner. And most prospective purchasers (without your passion) are unlikely to spend more for your house to acquire the tennis court.
A swimming pool, for example, rarely adds value to a home. A pool not only costs a small fortune to install, but many house buyers see it as a high-maintenance headache and a year-round safety hazard. And it’s only usable for a few months of the year in most climes.
There’s no wrong in including these conveniences in your home, but don’t expect potential buyers to pay a premium for them when you’re ready to sell. Also, be aware that if the renovation entails replacing a regular element, every other house in your area has a two-car garage. You should reconsider converting yours into a game room. Do you just want to be the sole house in the neighborhood with no safe parking?
Patrick Ryan McCann also suggests other conversions that may not be able to return their cost upon resale as follows:
Transforming your bedroom into something of a studio
Taking down barriers to make a room larger (Unless there is a practical purpose, like creating flow across the dining room and the kitchen, think alot before removing a wall.)
Extending a room by removing a bedroom
Basement remodeling (Unless it’s a complete conversion to an actual living room, stick to lesser upgrades like increased storage capacity)
Which Home Improvements Add the Most Value?
As per Patrick Ryan McCann experience, particular home renovations offer a significant return on investment.These includewhole kitchen renovations, wood flooring, and renovated bathrooms, as well as roofing, doors, siding, windows, and energy upgrades. Moreover, these frequently recoup 80 percent or more of their cost upon resale.