Have you seen HGTV’s show, “Love It or List It?” The premise is that homeowners, usually a couple, has one partner who wants to renovate the house to better meet their needs while the other wants to sell it and find a better fit. A renovation crew comes in and does their best with the client’s budget to make the needed changes to encourage them to stay in the home, while a Realtor works on finding them another home to encourage them to sell. Of course, just as any “reality show” they play up the angst, not just between the homeowners, but between the renovation team and the Realtor. In the end, the couple decides if they LOVE the renovations and want to stay, or if they want to LIST the home for sale. Typically, the renovations allow the homeowner to see their investment recouped in the increased value of the home.
Some of the homeowners chose to stay because the renovations really do create their desired outcome. They also typically have some emotional attachment to the home that is weighing on their decision to sell. You may also find yourself in the boat of deciding whether renovations will keep you in your home or encourage you to sell. In Denver, with our housing market being so hot, it makes sense to invest in the home you have, as you likely will spend quite a bit to upgrade.
We wanted to offer a few remodeling tips to help you know which remodeling projects to focus on to help make your space more usable and comfortable.
Kitchens are a very common renovation because they are the ‘heart’ of the house. A dated kitchen can kill the sale, and one that isn’t useful makes it worth leaving behind. The great thing about kitchen renovations, however, is that you do get a large bang for your buck. Most the renovations you do, will pay off in resale price. Even simple renovations such as replacing hardware and fixing leaks can make a huge difference.
Bathrooms make or break
Many homeowners find the need for additional bathrooms, and adding one or expanding one can have a huge positive impact. Updating fixtures and modernizing the space to allow for more storage is the hottest trend.
Comfort systems to entice
While most home owners aren’t going to run to the basement or attic to look at the water heater or HVAC systems, they are a very big part of resale. Inspection objections involving plumbing, heating and electrical are the most common problems. New home buyers want to make sure that something isn’t going to go wrong shortly after moving in.
Energy efficient appliances and properly functioning systems are critical for your comfort. If you are staying in your home, these are a remodel must. If selling, wait for the prospective buyer to ask for what they are looking for. Their priority is likely different than yours and you don’t want to throw money at something you value that they don’t care about.