Whether you are planning to sell and move in the coming years, or you are just unhappy with the way your home is looking, the time may be right to consider professional upgrades or additions.
While some improvements may not immediately recover their investment, they will over time. A newly upgraded kitchen, bathroom remodel, or a family room addition can make a difference in your quality of life and personal satisfaction and pride in your home.
If you are selling, these improvements will add value and can reduce the time your home is on the market.
What Are Buyers Looking For?
Experienced real estate agents understand that a selling price is a function of many variables. Besides market conditions and comparable sales, active home buyers calculate what they are willing to pay for the home plus any renovations that they would begin after purchasing.
Homes that are dated inside and out or that are in some level of disrepair sell for less and remain on the market longer than comparable up-to-date, modern and, nicely maintained houses.
Do Renovations Add Value?
A remodeled kitchen, master bath, or family room can make a substantial difference in the perceived value of your home. Adding a deck or an outdoor entertainment area can offer a whole new lifestyle dimension, that can also increase the property’s desirability.
In today’s low-interest mortgage market characterized by high demand and rapid turnover, buyers face stiff competition when searching for quality homes. Polished ready-to-go properties are spending less time on the market and achieving higher prices. Bidding wars are now common in many areas.
But, even if you are not in the market to sell, there is always value in the satisfaction and pride of a newly renovated kitchen, a bright relaxing bathroom, or other room upgrades.
Value Adding Renovations
Note, if you plan to sell your home right away, renovations may not always return 100% of the renovation investment. However, if the bath, kitchen, or other rooms are in poor shape, a remodel can make the difference between selling your home within a reasonable timeframe or not.
The kitchen and bathroom conditions tend to be deal makers and breakers. Cramped, poorly lit, and or poorly equipped kitchens may turn prospective buyers off immediately. Bright, and colorful kitchens with updated cabinetry, modern appliances, and striking countertops can lock a buyer in even before they see the rest of the home.
Realtor® Magazine presents an annual report that estimates the potential value return on investment of several renovation types. These estimates are based on the immediate sale value change upon completion. They also show the personal satisfaction and increased efficiency that homeowners enjoy when they remain in the renovated home.
Major and Minor Kitchen Remodels
While families and friends often gather and relax in family rooms or outdoor entertainment areas, the kitchen is truly the focal point of the home.
The chef of the house spends much of their time here, and the job is much more pleasant in an environment with ample lighting, counter space, storage, and modern ergonomically positioned appliances. Center islands are high demand features for food preparation, special projects, and even as an excellent place for eating. Marble, granite, or quartz countertops add style and drama to any kitchen space. When finished, major and minor kitchen remodels will return on average 81-88% of the investment, according to Realtor Magazine.
Turning your master bathroom into an elegant, relaxing room can be a significant value improvement. Adding ceramic or stone veneer and tiles, plus some well-positioned lighting, new sinks, backsplash, cabinets, and toilet, a newly remodeled bathroom investment will drive an average of 85% on the investment when finished.
Family Room, Patio, and Deck Additions
Adding to your living and entertainment space with a new family room, a patio area, or deck enhances the lifestyle of the inhabitants and creates more areas to gather and entertain. If properly executed, these can add to the exterior appeal of the home and enhance the appearance of the house. These additions are estimated to increase the value of the home by about 77%-80% of the investment.
Other upgrades or additions may have a lesser impact on the current value, but in many instances, it will significantly improve the livability of the home. These include:
Master suite (75%)
Attic bedroom (74%)
Siding replacement (73%)
Window replacement (69%)
Home office (55%)
Contact the Michael Stoltzfus Group Coldwell Banker Realtors
Located in Lancaster PA and serving Central Pennsylvania, the Michael Stoltzfus Group works diligently to help home buyers and sellers achieve their home goals. With extensive experience and knowledge of the area, the real estate agents at Michael Stoltzfus Group provide friendly and professional support for your entire real estate transaction.
Contact us online where one of our professional team members will respond via email or call us today at +1-717-735-8400.