HOME RENOVATING Your Home to Sell by Larry Schwingel As much as things change, that’s how much they stay the same. One long-standing belief that never changes is that, to sell a house, bathroom and kitchen upgrades are a necessity. Everything else is secondary. While they are prime target areas, an article in Remodeling Magazine stated, “you’re less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spent on basic home maintenance such as new siding.” The article also stated that siding replacement recouped more than 92 percent of its cost, and the only home improvement to return more at resale was a minor kitchen remodel ($15,000) that returned nearly 93 percent. Replacing roofs and windows had a ROI of about 80 percent or more at resale. Remodeled bathrooms and kitchens are historically at the top of any renovation list, but what if a homeowner has a leaky roof? Will upgraded bathrooms and kitchen make a difference? Local Realtor Lisa Flickstein, of ReMax Advisors in Coral Springs, said they will. “Many buyers are willing to do the exterior work, but it’s the interior that makes all the difference,” Flickstein said. “I’ve been in the business for 34 years and I can tell you that today’s buyer wants it all. They are enamored with physical appearances, and expect modern kitchens, upgraded appliances, wood cabinets, granite countertops, new flooring, impact windows, and impact doors. They are emotionally drawn to the home’s cosmetics.” A word of caution to sellers — if your home requires major roof repairs, extensive plumbing work, a new air conditioner; or if there is mold or cracks in the foundation, chances are all bets are off — no matter how great the upgrades to your bathrooms and kitchen. Considering that the home is in good shape, and there are only minor repairs to be made, the upgrades will draw potential buyers. A complete renovation of a master bath and kitchen can cost upwards of $20- $25,000, about $10,000 of which is earmarked for the master bath. So, with new upgrades, how long will it take for your home to sell? According to Flickstein, it depends on the price point and how aggressively it’s priced. “If it is priced at market value, a $500,000 home usually sells under 30 days,” she said. “A home that’s half a million to a million dollars that is priced at market value will go between 30 and 60 days.” Homes in the $1million range take longer because of a smaller percentage of buyers in the buyer’s pool. What a seller gets back on his/her investment depends on the value of the house, the value of houses in the immediate neighborhood, the general housing market, how soon one can sell after improvements, and the quality of the project work. Kitchens and baths are the areas of the home where you can tell if money was well spent or not. Every homeowner’s first priority should be keeping the existing structure sound. Interior renovations are important, but not to be lost in the shuffle is the exterior value of curb appeal. Projecting a sense of welcome is important, and curb appeal is a gateway into a home primed to sell. But, if all the remodeling is done on the inside and nothing has been done to create an appealing look on the outside, chances are no one will be walking through that gateway. P 70 MAY <strong>2018</strong>
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