Whether you are remodeling your home to get it ready for sale or you just want to freshen up tired-looking spaces, there are several things to consider to ensure you get the most bang for your home renovation buck. Savvy homeowners will decide to renovate what makes them happy, but also what will add value to their home in the long run.
Here are some tips to help you get the most return on your investment:
1. Do your research.
Think ROI. Research national and regional trends. For example, Remodeling Magazine publishes an interesting report each year to pinpoint the average return on investment (ROI) of 20 popular home renovations. In 2018, adding manufactured stone veneer and replacing a garage door and had the highest paybacks in New York State – 93 percent and 90 percent, respectively. Curb appeal is critical—first impressions count! In contrast, adding a master suite and backyard patio brought much lower returns, with 42 and 44 percent of the costs recouped.
2. Think timelessness.
Be careful about being too trendy. You may have taken on a renovation project to update a style, i.e. more modern appliances, new cabinetry, or fresh paint. If you have specific décor preferences, it’s best to express them in artwork or bedding—not in the latest trend. You never know what the next homeowners will want.
3. Think smart and sustainable.
Today’s homebuyers are looking for smart homes that are energy efficient. If possible, incorporate some elements into whatever remodeling project you tackle. For example, replace old windows with new energy-efficient ones. Repairing your roof? Upgrade it with solar panels. Look to LED lighting when updating fixtures, and integrate smart home features, such as USB outlets and smart thermostats.
4. Plan ahead.
I can’t stress this enough: planning in advance will help you stay on schedule and keep your costs down. Some renovations, especially bathrooms, kitchens, or projects that involve adding square footage, plumbing or electrical work may require a permit from your local municipality. Doing your research before you hire your architect or designer or contractor will save valuable time and money.
5. Vet every vendor.
You may be handling some aspects of your renovation, but consider hiring professionals for extensive work that involves changing the structure of your home, or the wiring or the plumbing. Before you do, conduct a thorough review of each vendor you propose to hire, from the architect and painter, to the electrician, plumber, and carpenter. Obtain more than one price quote. Check references. Ask for licensing and insurance documentation.
To get you started, I’ve assembled a short list of trusted vendors right here in Westchester and Rye—all of whom I highly recommend!
6. Talk to a real estate professional.
Looking at the homes around you will also give you a good indication about what projects are worthwhile. What are your neighbors choosing to remodel? Of the homes that recently sold in your area, what were the top renovations? Talking to a trusted real estate professional is essential to get the real-time pulse on what projects add value in today’s real estate market.
Give me a call to get tips and advice that are specific to your town and neighborhood!
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Let Fiona help you sell or find your dream home. Contact Fiona at 914-414-5147 or email her directly.