Home Renovations That Can Make A Big Impact, According To Experts

In a period marked by significantly fewer home moves in 2023 compared to the previous year, a trend attributed to high interest rates, limited inventory, and soaring home prices, many homeowners are choosing to remain in their current residences. Instead of relocating, they are focusing on revitalizing their existing homes through renovations and remodeling, transforming them into their 'dream homes.' This shift is widely observed by real estate professionals, who note the financial prudence of investing in current properties rather than taking on substantial new mortgages. Experts such as Adam Chahl, a real estate agent and founder of Vancouver Home Search, and Litra Simms, a Maryland-based realtor with over two decades of experience, confirm this trend. They emphasize that remodeling allows homeowners to customize their living spaces to personal preferences and, crucially, to enhance property value and build equity without the complexities and costs associated with moving. However, the prospect of undertaking renovations, regardless of scale, can be daunting. Homeowners often grapple with deciding where to begin, which projects offer the best return on investment, and how to modernize an older home while preserving its inherent character. For those embarking on home upgrades, a strategic focus on key areas can yield significant value. Kitchen and bathroom remodels are consistently cited as having the highest return on investment. These projects don't necessarily demand extensive overhauls; simple updates like refreshing cabinetry, replacing countertops, or even minor changes such as upgrading faucets and lighting fixtures can dramatically rejuvenate a space. Beyond purely financial considerations, staying in a home longer provides the unique opportunity for homeowners to deeply personalize their environment. While resale value remains a factor, the emphasis can shift towards creating a space that authentically reflects individual tastes and promotes well-being. Personalization might involve unconventional design choices, such as a boldly colored dining room or a uniquely themed entertainment area, which, while not universally appealing, contribute to the homeowner's comfort and satisfaction. Scottie Attaway, a realtor with Revilo Real Estate, highlights that personalization and investment can go hand-in-hand. For instance, adding an extra bathroom to an older, smaller home can improve daily living and simultaneously increase the property's market appeal and value. Ultimately, the process of renovating an existing home, particularly when moving is not feasible, becomes an endeavor to blend practical upgrades with personal expression, ensuring the home truly feels like a cherished and valuable personal sanctuary. #HomeRenovation #HomeImprovement #RealEstateTrends #DIYProjects #InteriorDesign #PropertyValue #HomeOwnership #Remodeling

With home prices at historic highs and mortgage rates remaining volatile, a growing number of Americans are opting to renovate their existing homes rather than relocate. A recent survey by Discover Home Loans indicates that over 55% of homeowners prefer investing in their current properties, with 57% either undertaking or planning renovations within the next year. As individuals age, renovation priorities often shift from purely resale value to encompass comfort, safety, and the ability to age in place. The advantage is that many renovations can achieve both objectives simultaneously. This article outlines seven home renovations that offer significant returns on investment while also improving quality of life for aging homeowners. The list is based on national averages and estimated ROI from Remodeling magazine’s 2024 Cost vs. Value data, emphasizing the importance of considering local market conditions, personal budgets, and long-term goals. The top renovation for 2024 is garage door replacement, boasting an average recoup of 193.9%. This improvement enhances curb appeal and offers a substantial ROI. Recommendations include using durable materials like steel, aluminum, or fiberglass, and installing automatic openers for convenience and accessibility. Entry door replacement, specifically with a steel door, follows closely with a 188.1% recoup. Beyond boosting curb appeal and energy efficiency, a new entry door can be adapted for aging in place by installing wide, flat thresholds, easy-to-grip handles, and keyless entry systems. Manufactured stone veneer, designed to mimic natural stone at a lower cost, provides an average ROI of 153.2%. It’s highly durable and low-maintenance, making it suitable for long-term residency, provided it’s installed correctly to prevent moisture issues. A fiberglass grand entrance, which includes a new fiberglass door, sidelights, a transom window, new hardware, and a doorbell, yields a 97.4% recoup. Fiberglass is chosen for its low maintenance, energy efficiency, and durability, and can be enhanced with flat thresholds, lever-style handles, and smart locks for accessibility. A minor kitchen remodel, focusing on updates like refaced cabinets, energy-efficient appliances, new countertops, and fresh paint, has a 96.1% recoup. This approach is more cost-effective than a major overhaul and can include aging-friendly features such as easy-to-read smart appliances, lower-profile shelving, and accessible storage solutions. Fiber cement siding replacement offers an 88.4% recoup, improving curb appeal and energy efficiency with the look of wood but without the maintenance. Combining this with other accessibility upgrades like wider thresholds or improved lighting can further enhance its value for aging homeowners. Lastly, a wood deck addition, with an 82.9% recoup, creates an outdoor living space. While composite decks are lower maintenance, wood decks provide a better ROI. Features such as smooth handrails, nonslip surfaces, built-in seating, and proper lighting can increase safety and usability for older individuals. The article also covers various financing options for renovations, including Home Equity Lines of Credit (HELOCs) and Home Equity Loans, personal loans, and 0% intro APR credit cards. HELOCs are revolving credit lines against home equity, suitable for uncertain project costs, while home equity loans offer a lump sum with fixed rates. Personal loans provide an unsecured option for those with good credit, and 0% intro APR credit cards can be useful for smaller projects if paid off within the promotional period. Building equity faster through biweekly mortgage payments or refinancing is also mentioned. Tax deductibility for home improvements is discussed, noting that medical-related renovations and energy-efficient upgrades may qualify for deductions or credits, subject to IRS guidelines. Most renovations, considered capital improvements, adjust the home’s cost basis upon sale rather than being deductible in the year they are completed. The article cautions that not all renovations increase home value; highly personalized or overly expensive upgrades might deter buyers. However, renovations that enhance comfort, accessibility, and independence for aging homeowners can significantly improve quality of life, justifying the investment even without a high financial return. Practical advice for aging in place includes specific modifications for bathrooms (grab bars, walk-in showers), kitchens (pull-out shelves, accessible appliances), flooring (slip-resistant materials, lower thresholds), and lighting/electrical (strategically placed light switches, accessible outlets, smart home systems). The importance of hiring reputable contractors is stressed, with recommendations to verify licenses and insurance, check professional affiliations, research reputations, obtain itemized estimates, and secure written contracts. Warnings against common home repair scams targeting older adults are also provided, alongside guidance on filing complaints with state and federal agencies. #HomeRenovations #PropertyValue #AgingInPlace #HomeImprovementROI #HomeFinancing #KitchenRemodel #SidingReplacement #DeckAddition #AccessibilityUpgrades

The article discusses how to evaluate whether a home is a worthwhile investment for renovation, according to experts in interior design and construction. Lauren Liess, founder and principal designer of Lauren Liess Interiors and a real estate brokerage, emphasizes that while any house can be made beautiful with sufficient funds, the key is to ensure the investment is economically sound. Often, the cost of fixing up a severely dilapidated house can exceed its market value, making it an unfavorable position for the homeowner. Experts advise prospective renovators to look for undervalued homes with inherent charm or architectural character, or properties that can easily be transformed into a blank canvas for new architectural details without extensive and costly structural changes. Liess specifically recommends seeking out homes that have not been renovated at all, or those that are outdated and unappealing to most buyers. She quips that "unfortunate tile and terrible paint colors are your best friends," as these cosmetic issues are typically inexpensive to remedy and allow for significant value addition. Several factors can significantly diminish a home's renovation potential. Philip Thomas Vanderford of Studio Thomas James highlights that low ceilings are a major dealbreaker because they are difficult and expensive to alter. Structural problems, such as an unsound foundation or faulty electrical and plumbing systems, also pose substantial financial risks, potentially consuming the entire renovation budget. A poorly conceived floor plan can also be a significant challenge, as extensive room rearrangement can quickly escalate costs. Stephen Pallrand, founder of Home Front Build, notes that single-story homes are generally easier for extensive remodels than multi-story properties, where altering lower-story walls can incur higher structural costs. Furthermore, Liess cautions against homes already priced above market value, as they offer little room for profit or equity building after renovation. This is why she tends to avoid recently renovated homes, as they are often overpriced and undoing previous work feels wasteful. Conversely, many issues that deter average homebuyers can be overlooked by experienced renovators. Cosmetic imperfections like outdated paint colors or worn carpets are minor in the grand scheme of a renovation. Experts suggest that features such as a lack of natural light can be addressed by adding windows, mold can be remediated, and architectural details can be introduced to plain homes. Liess states that anything outdated can be stripped away to make room for timeless elements. Pallrand encourages buyers to visualize rooms as blank canvases, focusing on fundamental aspects like natural light, size, and views, rather than being put off by superficial finishes like vinyl cabinets or dark granite countertops. He stresses that the buyer is essentially acquiring a shell to personalize. For those seriously considering a renovation project, Liess advises spending time in the home, mentally or physically sketching out floor plan changes, and listing all necessary modifications. It is crucial to get ballpark estimates for all projects, add these to the home's purchase price (including a buffer for unexpected costs), and compare the total to the market value of newly renovated homes in the area. If the renovated value aligns with market rates and the buyer intends to live in the home, it can be a worthwhile investment. However, for those planning to flip the property, the total cost of acquisition and renovation must be substantially below the market value of a newly renovated home to ensure profitability. If uncertainty about renovation costs or potential hidden problems persists, bringing a contractor for a more accurate assessment is highly recommended. #HomeRenovation #RealEstate #InteriorDesign #HomeRemodeling #PropertyInvestment #ArchitecturalCharacter #RenovationBudget #PropertyValue

Home renovation projects often appear straightforward on television, but the reality can be far more complex and costly. A survey conducted by Platinum Homebuilders involving 1,000 homeowners who recently underwent remodeling revealed common pitfalls, including budget overruns, increased stress, and regret. This article outlines six key lessons learned from these homeowners to help others save money, minimize stress, and enhance their home's resale value. One significant takeaway is the importance of hiring professionals instead of attempting extensive DIY projects. While do-it-yourself approaches might initially seem cost-effective, mistakes can be expensive to rectify, often surpassing the cost of professional services. The survey indicated that 41% of homeowners wished they had hired professionals from the outset, highlighting the value of expert execution and the potential financial and emotional toll of botched DIY efforts. Another critical lesson is to double both the budget and the timeline allocated for renovations. Projects frequently exceed initial estimates in terms of both duration and expense. Given anticipated increases in material costs due to factors like tariffs on essential items such as appliances, it is prudent to factor in potential overruns. Thirty-seven percent of survey respondents admitted they underestimated the time and financial commitment required, underscoring the need for more realistic planning. To avoid conflicts and unexpected costs, securing every detail in writing is crucial. A substantial 36% of homeowners experienced labor costs exceeding their budget, which often stems from vague agreements and unclear expectations. A detailed contract that explicitly outlines materials, payment schedules, and project deadlines can significantly reduce misunderstandings and ensure all parties are aligned on the scope and financial implications of the work. Careful vetting of contractors is also highly recommended. Over a quarter of the surveyed homeowners regretted their choice of contractor, emphasizing the importance of thorough due diligence. This includes reviewing past work, checking references, and asking pertinent questions about their process and communication style. A reliable contractor can mitigate many of the common renovation stressors and ensure a smoother project execution. Furthermore, homeowners should consider long-term appeal over fleeting trends. Approximately 23% of respondents expressed regret over incorporating trendy designs, which often age quickly and can even detract from a home's resale value. Influencer-driven fads may seem appealing in the short term, but classic, functional, and broadly appealing upgrades tend to yield better returns when the time comes to sell the property. Focusing on timeless designs ensures that renovations remain valuable and relevant for a longer period. Finally, all renovation plans should consider the potential impact on resale value, even if selling is not an immediate goal. Upgrades that enhance functionality and possess broad market appeal are more likely to generate a positive return on investment. By focusing on practical improvements that cater to a wider audience, homeowners can ensure their renovation efforts contribute positively to their property's long-term worth, avoiding costly mistakes that diminish value. #HomeRenovation #CostSaving #StressReduction #ResaleValue #DIYMistakes #ContractorVetting #BudgetPlanning #DesignTrends #PropertyValue