How to Get the Highest Return on Your Home Renovations

“Where do I put my money and time when fixing up my home?” This is one of the most important questions our clients ask us when they are ready to sell. To help answer it, we’d like to share some valuable tips and resources that we’ve gathered over the years.

 

Tip 1: Know Your Home

Depending on your neighborhood, your home may be quite unique. In the Bay Area, the age and architecture of properties can vary from street to street, and some would benefit from certain upgrades more than others. For example:

 

* If you have unpermitted living space in your home, your greatest return may result from bringing that space up to code so that it can be included in your official square footage. However, this can be a long and arduous process, so ensure you understand the costs upfront before embarking on the project.

 

* If there is deferred maintenance in your home, addressing it will help ensure a smooth sale.

 

* Are certain parts of your home updated, while others are not? Bringing those less-attractive rooms up-to-par with the rest of your house will help increase the overall appeal of the property.

 

Tip 2: Use the Cost Vs. Value Report

The Cost Vs. Value (CvV) report comes out annually (we have no affiliation with the producers of the Cost vs. Value Report) and summarizes home-remodeling projects which produce the highest return on investment (ROI) within both the Pacific Region of the United States and the Bay Area.

 

In this past year (2018), the CvV found that an upscale garage door replacement would generate one of the greatest ROI’s amongst all home-upgrades. Other high ROI projects included installing Manufactured Stone Veneer on the outside of the building, kitchen remodels, and window replacements.

 

You can download the CvV report for free here.

 

Tip 3: Don’t Underestimate the Power of Aesthetics

Home-renovation projects can be time, labor, and cost intensive. If you are on a tight budget, consider that some organization projects are both inexpensive and easy to do yourself.

 

Making the home aesthetically pleasing will create a good “first-impression” on buyers, and help generate more interest in your home. Here are some organization tools and tips that you can use to ensure your property shows in its best light:

 

* Reduce clutter in the home before you sell.

 

* Organize and clean your garage using tools like the Monkey Bars so it looks large and spacious.

 

* Use professional Staging: The National Association of Realtors found that 81% of buyers say home staging makes it easier to visualize the property as their future home. Additionally, 45% of buyers say it will positively impact the value of the home if it is decorated to the buyer’s tastes.

 

When it comes time to sell your home, make sure that you consult with an experienced and trusted Bay Area realtor. This person has seen hundreds of properties in your city and can help you decide which home-renovation projects are best suited to your home and market.

 

This post was written by Talia Chopra from Schneider Estates, Inc. Schneider Estates is a professional real estate team in the Bay Area commit to the highest standards of trust, integrity, and competency in helping you, the client.