Aloha everyone. In this market selling your home can be tough. But how can you set your home apart from all those in the market? If you are considering renovations to maximize the value of your home, you are not alone.
There are many ways for homeowners to modernize their homes and increase their value. You have an endless amount of possibilities but consider the areas you like most. It is also very important to do your research and plan carefully.
An unorganized plan can be costly and throw your budget out the window. Here are 5 tips for successfully renovating your home to maximize value.
Do Your Homework
Before you start any home renovations, what is your end goal? What is your vision for your home when everything is ready? Who are the best reliable contractors that can do the work? Do they have the track record to see things through in a timely manner? What permits are needed and how are they attained? How long will everything take before you can start the actual work?
Having a plan can make things run more smoothly, help avoid surprises and potentially save a lot of money. A well thought out plan can help maximize the value of home renovations.
Tip: A fresh coat of paint can be cost effective and leave a lasting impression.
Renovate High Value Areas
Look at the property and renovate which areas would have the biggest impact. If you were the buyer, what are you looking for? When a buyer first opens the front door, what is the first thing they see? Can you build something in, or transition a room to have more space?
It helps to visualize before and after pictures. Companies such as American Floor and Home can give you ideas of how your renovation can look like.
Whatever you plan, make sure to do your homework and figure out if the return on investment (ROI) is worth it.
Budget, Budget, Budget
After identifying areas you want to renovate, stick to your budget. It is very important to know how much you can afford.
Consider every detail not just parts and labor. Expect unexpected costs to come up then budget for it. Don’t be surprised if an estimate from a contractor ends up costing more than expected.
Products can also change in price or supply chain issues can cause you to look for more expensive alternatives. These costs can add up and eat up your profits.
“Expect unexpected costs to come up then budget for it.“
Consider Past Sales
Look at trends of past sales in your neighborhood. How much more value are renovated homes selling for? Are your time and money worth the ROI? Do neighborhood sales reflect a preference for space or renovations?
In other words, will buyers pay more for space or a renovated home. Will the renovations make the home out of line compared to the other homes in the neighborhood?
It might not be worth overly renovating a home when comparing to those in the neighborhood.
“…will buyers pay more for space or a renovated home.“
Forward Thinking
Renovations are generally based on your needs and wants. If you ever plan to sell, it helps to understand future trends. Although no one can predict what future buyers will want, consider the trends.
Researching new construction projects are an easy way to guess what future buyers will want. Planned communities such as Ward Village in Hawai’i are developed for future buyers.
Each new building features modern and luxurious designs and resort-like amenities. The Park Ward Village captivated how the pandemic affected going to work, and offered an upgrade for an at-home workstation. They even feature pickleball courts as part of the private club-style amenity deck.
Overall, if you plan on selling your home in today’s market there’s a lot to think about. It always helps to do your homework.
Consider past sales and trends when deciding what areas of your home to renovate and stick to your budget. If you need ideas for trends that may appeal to future buyers, take a look at new developments.
Ālia is another example of a modern development geared towards future buyers seeking an effortless, active and social lifestyle. Doing your homework can help avoid the unexpected, save money and allow for a more efficient renovation.
By following these 5 expert tips, you can maximize the value of home renovations, and standout in this competitive market.
ModernHomesHawaii.com author
