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Worthy Renovations

Are you wondering which home renovations will yield the best return on investment?
When considering a home renovation, it’s important to have an idea of what your improvements might be worth. While there’s no easy answer to how much money you’ll get back when selling your house, there are a few factors worth your consideration. By keeping these in mind, you can avoid unpleasant surprises when it’s time to put your house on the market.

Rooms of Value

Not all remodeling projects are created equal. Kitchens and baths are paramount to prospective buyers. Because these areas are more costly and time intensive to remodel, many people searching for new homes would prefer not to move in knowing they’ll want to renovate soon after. Consequently, updating your kitchen and bathrooms are more likely than other spaces to pay for themselves. Adding, expanding and refreshing master suites and common areas, like a family room or great room, also tend to fare well at resale. Since the onset of Covid, it’s no surprise that home offices have grown dramatically in popularity.

Small Things Done Well

It’s important to note that even a simple refresh can yield a great return. Seemingly minor improvements like replacing flooring, countertops and painting are generally worth the investment. When done tastefully, new window treatments, trim, ceiling treatments and even something as simple as light fixtures can have a significant impact.

Keep It Simple

When assessing a potential remodel, it’s crucial to think about your prospective buyers. Maintaining the integrity of your home’s inherent architecture is essential – don’t try to force an aesthetic that’s not consistent with the bones of your home. If selling your home is within the horizon, it’s best to keep your more unique selections to pieces that can be removed when the time comes to list your house. Keep in mind that trends change, so stick to more timeless selections and neutral color palettes, which will hold their value in the long run.

Location, Location, Location

When remodeling your home, consider the neighborhood it’s in. Upgrading your home beyond the value of the surrounding properties isn’t necessarily in your best interest. Instead, choose improvements that align with the value of your home and the local market and avoid the urge to exceed those of your neighbors.

Market Conditions

The real estate market plays a significant role in determining the value of your renovations. In high-demand areas like we have here in southeast Florida, buyers are more likely to pay a premium for improvements. When land and new construction options become scarce, the value in remodeling a home increases. 

Your Timetable

Consider your timeline and potential future circumstances. The longer you stay in your home, the better chance you have of recouping your costs. As property values rise over time, your investment will eventually be absorbed. 

By carefully considering these key factors, you can make informed decisions when remodeling your home and maximize its resale value and return on investment. 

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Interested in home renovations? Reach out today to discuss the possibilities your space holds.

Interested in our services? Contact Stacy Miller Design today at 561-723-0331 or fill out our Contact Form.