Real Estate Insights October 2, 2023

What’s That Remodel Worth?🏡

Hey there! 😊

Today, I want to chat with you about something that’s close to the heart of many homeowners—remodeling. Whether you’re itching to update your kitchen, add a master suite, or maybe just give your place a fresh look, renovations can be both exciting and nerve-wracking. After all, you want to know: What’s That Remodel Worth in the long run? 🤔

As your trusted real estate agent, I’m here to guide you through the ins and outs of remodeling and how it can affect your home’s value and marketability. These are two very different things….so, let’s dive in!

Don’t Assume a Dollar-for-Dollar Return

One common misconception is that every dollar you invest in a remodel translates directly into your home’s value. While some projects, like a shiny new front door, can offer a high return on investment, many factors come into play.

The finished quality and appeal of your project matter. In most cases a home’s sales price will increase because of a reno, but it might not match the total cost of the project. On the other hand, you might be thinking of painting yourself in the hopes it can save you money? Maybe you want to stretch the dollars to try to cover two projects.  Trust me, skip the mess and hire a pro.  A bad job is worse than leaving it alone,  and here is the tough love….we can always tell when a seller has painted themselves.  Buyers can see it too and as a result they may not consider your home because it needs paint and you are upset because you just painted! Spend your money wisely and do one thing well at a time instead of opting for two projects done unprofessionally.💸

Remodels May Improve Marketability, Right?

Sometimes, the goal of remodeling isn’t solely about increasing the sales price; it’s about attracting more potential buyers. A well-done remodel can be the difference between receiving no offers and having multiple buyers interested in your property shortly after listing it. Want to know what makes the biggest difference? Think kitchens and bathrooms!🏡

The Appraised Value Matters, Too

When you’re ready to sell and a buyer applies for a mortgage, their lender will likely require an independent appraisal. This appraisal determines if the home’s value aligns with the purchase price. This is when you’ll find out the actual return on your remodeling investment.

For instance, that sparkling pool you invested $85,000 in may only add $30,000 to your home’s appraised value compared to a similar home nearby without a pool. It can be surprising, but that’s why it’s crucial to have realistic expectations. 🏊

Consider the Personal Value You Get

Here’s a crucial point: If you plan to enjoy your newly remodeled space for a while before selling, then What’s That Remodel Worth? Regardless of the eventual sales price, the personal pleasure from your renovation project might be reason enough to take the plunge. After all, your home should be a place you love to live in! ❤️

So, what’s the bottom line? How can you make informed decisions about remodeling your home? The answer is simple: Call me, Your REALTOR®. 🏠

I can help you understand how remodeling projects can impact your home’s marketability and sales price. I can offer guidance and share insights to ensure your renovation choices align with your long-term goals.

Remember, the world of real estate is constantly evolving, and conditions can change. That’s why it’s essential to consult with a professional like myself to get the most accurate and up-to-date information. Your dream home might just be a remodel away! 💪

Don’t forget to check out the Texas REALTORS® website for more great advice!