Are you feeling like it is time for a change in your home? Maybe you want to right-size your home by upgrading what is already there. Renovations can be both stressful and exciting for homeowners. It takes time to plan out a design, hire contractors, and wait for materials to come in. The costs can also be intimidating. Another thing to keep in mind is how your renovations will affect the value of your home. Your home is an investment, especially if you plan to sell sometime in the future.
There are a lot of factors to consider when renovating, including the scope of the project. Here are a few different types of renovations that you could go for.
A quick facelift.
This often applies to those who are already looking to sell their homes. A facelift refers to smaller renovations and updates that can raise the value of your home, as well as its curb appeal, before potential buyers see it for the first time. Examples of a facelift include new countertops in the kitchen, a new coat of paint, updated cabinets, or other smaller projects that do not necessarily require a huge budget. A facelift renovation often benefits the next owner of the house, but it can also benefit the seller in terms of sale price.
A major remodel.
This type of project is usually much more complex and costly. While a facelift may only require subcontractors, a larger remodel takes a little more expertise. More work is required and it takes a longer time to complete. It typically happens when a homeowner wants to enjoy the benefits of an upgrade themselves, such as a new kitchen or bathroom. Even if this is the case, the value of the home will increase significantly for selling further down the road.
Adding on - Building an addition
This renovation is by far the largest undertaking. It can be extremely expensive and time-consuming, but it also has the most potential for improving your home value. I sold a home in Fayetteville, NY that had an addition with an open kitchen/living area and private patio. A bedroom, bathroom, and laundry area from the original home were incorporated, and it allowed the grandmother to live with the family, but in her own private space. That home sold very quickly with the new addition, and the family saved money by not having to use a long-term care facility like nearby Maple Downs.
Do your research before renovating
Renovations are one way to right-size your home, and it doesn’t even involve moving! I strongly encourage you to do your own research before moving forward with a project, no matter the scope. Knowing what kind of upgrades make sense for your situation, and how those changes will affect your home’s value, should always be part of the planning process. As a Senior Real Estate Specialist, I would love to advise you in this process as you consider renovating with selling in mind.