Where do I Start with Home Renovations?

Buyers want move-in ready homes.  It has been shown in survey after survey that most buyers prefer to buy renovated homes.  They want to place their groceries on the counter and go back to work.  This fact leads me to the most common question I receive when talking with homeowners about renovation.

What renovations add the most value to our home? 

It is a tough question to answer as there are many variables.  The answer will depend on a number of factors including the current housing demand, price range of home, quality of materials, workmanship of project, and changing demands of the buyers.

Where do I Start?

One of the first areas buyers notice as they tour your home is the condition of the kitchen and bathrooms.  In the market today, buyers desire open kitchens with room to cook and entertain.  Past surveys have shown that modern cabinetry, granite counters, updated appliances are valuable upgrades. The next area of the home that is important to buyers is the condition of the bathrooms. Updating tile, vanities, and flooring can add thousands to your sales price.  A third area of the home that is important to many buyers is outdoor space.  Investing in decks, patios, and hardscapes add resale value to a home.  Finally, reconfiguring older floorplans into open concepts is very popular with buyers in today’s market.  This includes common areas like kitchens, family rooms, and master bedrooms with plenty of space. Be careful to use quality materials and solid workmanship.

 Focus on Curb Appeal and First Impressions. 

Curb appeal includes fresh paint, power washing, new garage doors, professional landscaping, and new energy efficient windows.  These renovations are a great way to grab a buyer’s attention as they view the home.  Most buyers make a buying decision within 5 minutes of seeing the house so curb appeal is key.

Quick Fixes that Add Value to your Home

Declutter 

Remove all the knickknacks, clean out closets and bookshelves.  You want the house to feel open and livable as prospective buyers view your home.

Address any Liabilities

Make sure the house is free of mold, pests, exposed wires, and uneven walkways.  The first impression is important so you want to remove any red flags from the house.

Clean the House

Make sure the house is immaculate.  Hire a professional cleaning crew to clean the entire home, and do not forget to clean the windows as well.

Painting

Painting is a relatively low cost upgrade to any house on the market.  Use current colors that are popular on the Benjamin Moore website.

Clean up the Yard and Trim the Bushes

Make sure the lawn and landscaping are in excellent condition.  Cut out flower beds, trim trees and bushes, and invest a in a few bags of mulch to highlight the yard.

 Update Lighting

This quick improvement can be made for a very low price compared to the value added to your home.  Updated lighting makes a home feel less dated and helps show the home in the best possible light.

Do Not Forget the Small Stuff

Make sure to walk around the house before selling and repair all odds and ends.  Replace broken light bulbs, attach downspout extensions, repair knobs on cabinets, and replace electric outlet and light covers.  Details matter and the attention to them will result in a higher sales price.

A Word of Caution

Whatever you decide to do, it is important for you to understand your options.  Renovation projects can be expensive and time consuming.  There are many bad actors in the marketplace, and you have to be careful not to hire the wrong contractor.  They can lead you down the road of extreme frustration, and in the worst case scenario cost you thousands of dollars, sleepless nights, and many wasted months.

The most important financial figure for you to consider is the profits you receive when you sell your home.  The result might be better if you skip all the renovations and repairs and sell the home in AS-IS condition.  Home renovation can be complicated, expensive, and time consuming.  Call Profitable Property today to receive a no obligation offer on your home.  We buy the home AS-IS, no warranties, and can settle within 10 days or on your timeline.

Hiring a Contractor? Watch Your Wallet!!

According to a global survey conducted by KPMG in 2015, only 31% of construction projects are completed on time and on budget.  The average overrun cost exceeded 10%, and only one quarter of projects came within 10% of the original timeframe.  The vast majority of projects had ballooning costs and serious delays.

Just look at our local headline that states the State of Maryland is kicking in an additional 250 million dollars to complete the Purple Line.  Not only is the project hugely over budget, but the completion date has been delayed a number of years.

According to the survey, the three main reasons a project is delayed and has cost over runs are the following:

The failure of contractor to estimate the costs of the project.

It seems pretty basic, but many projects are doomed from the outset.  The estimator does not account for all the work and materials needed to complete the project.  In some cases, as the project progresses, the homeowner adds items which lead to increased expenses, or additional work is required once the project commences.  For example, moving a wall might lead to additional electrical work, drywall, painting, and carpentry.  The list can be endless and the additional labor and materials were not included in the original bid.

Execution of the project leads to time delays and ballooning expenses.

Executing a timely renovation is a science and takes a strong management to schedule and complete each separate trade.  One delayed contractor can wreak havoc on a project and lead to weeks of delays, which in turn can cost money.  Some delays are not the fault of the general contractor.  Obtaining proper permits can cause delays, or inclement weather can set back a timely renovation.  There are times the supply chain is disrupted and scheduled deliveries for materials can halt a project before any real progress has been made.  Another issue is keeping your contractor focused on your job.  They tend to gather as much work as possible and run from job to job to keep their money flowing.  The challenge is your job is one of many and can be delayed significantly due to lack of daily work being completed.

The scope and size of project was larger than expected.

Once a project begins, hidden issues can appear as construction progresses.   A wall is taken down and you discover termite damage or rotted wood. Hidden issues can lead to more complex and expensive renovations.  Once a project is started, the homeowner will need to finish the renovations in order to get the home sold.

Please be careful and hire reputable, licensed contractors in your area.  Check on their insurance and be sure to have all estimates in writing before work commences.  Hiring an unscrupulous contractor or handy man can lead to very expensive headaches in the future.