A Harvard housing study* earlier this year predicted significant increases in home remodeling. This does make a lot of sense for several reasons. The continuing low inventory levels are limiting buyer choices, and increasing prices, making moving more difficult for younger people who don’t have much equity in their current homes. It also makes home improvements a good bet if you are planning to sell your home in the next year or so.
The most important part of the remodeling decision is where to put your investment so that you get the best return. Not every renovation will pay off and sometimes very stylized types of changes may actually be a negative when a house is for sale. So think carefully before you renovate, if your plan is long term (over 5 years) and you’ve always wanted that built-in mirrored canopy over your bed, do it! Just understand, it may have to be replaced when it comes time to sell your home.
Here are some of the best investments to consider that will give you a return:
· Wood floors – they never seem to go out of style. They are warm under foot and can be stained, bleached, or otherwise refinished to suit many different home décor styles.
· Updated bathrooms - the average person spends about 45 minutes a day in the bathroom, so a stylish and comfortable environment is always appreciated. Again, if you’re thinking of selling in the near future, things like double sinks and handheld showers are wonderful conveniences.
· Updated kitchens – they always seem to be where people gather in a home. Probably one of the most important remodels you can do and the most expensive if you don’t shop smartly. Consider a center island, if your kitchen has the space, where your family and guests can congregate and where you can entertain while you’re preparing dinner. Choose your cabinets and appliances with care. Cabinetry can be unnecessarily costly – look for good quality, it’s not always necessary to have custom made. Choose upscale appliances that are functional, but economize on extras. You don’t need every bell and whistle.
If your home needs updating and it’s in the budget, do it now and enjoy the improvements yourself, while you’re living in the house. If you’re thinking of selling your home in the next year or so, we would be happy to meet with you to go over remodeling ideas that add to your living enjoyment and your home’s value when it comes time to sell. Call us at 631 765 5333 or email me at firstname.lastname@example.org.
At Beninati Associates, we listen, we really care, and we get results!
* Improving Americas Housing 2017:Demographic Change and the Remodeling Outlook. Joint Center for Housing Studies of Harvard University.