RIEZL’S REAL ESTATE RAVE- MARCH
Written by Riezl Baker
The pandemic has been a catalyst of many changes and has reshaped the housing market. Lake Oconee real estate has been on fire even during the past historically slow winter months. A new breed of remote working buyers are migrating to the area and we are challenged by higher demand and low inventory, prompting many owners to renovate their homes to sell.
When I meet with clients and friends, I am often asked what home improvements reap the best rewards. My first advice is to consider how the improvements will increase the value to you and your family, and to others when it is time to sell. If you are contemplating investing on renovation, here are my suggestions on what could provide a good return without breaking the bank:
- Painting. It is one of the most effective and least expensive improvements to your property. Colors can make a difference – it can change the size and the appeal of any space. Keep your colors neutral. My good friend Jim Branday, who has built and sold many stunning homes, adds colors to his accessories rather than the walls. This allows prospective buyers to see themselves in the different rooms of the home.
- Kitchen. It is the heart of the house where people spend most of their time. Cosmetic updates will go a long way. Upgrade countertops, backsplash and lighting. Brighten up the kitchen by painting cabinets. Replacing pulls, knobs and faucets can add modern touches and give it a fresh look.
- Bathrooms. Remove dated wall paper and give bathrooms a facelift by applying a fresh coat of paint. Swapping out fixtures, replacing old shower doors and vanity mirrors can make a huge impact.
- Outdoor Space. Because of shelter-in-place and social distancing caused by the pandemic, outdoor amenities have become priority to buyers. With travel constraints, families are drawn to properties that offer amenities for “staycation.” Pools that used to have a negative impact because of maintenance concerns can now substantially increase your home value.
- Bonus Rooms. Finishing above the garage or basement will add square footage and can boost the value of your home. The extra space will appeal to buyers who need more “room to roam” with parents working remotely, and kids learning online.
6. New Roof. You can recover up to 70% or more of its cost when it comes time to sell. Buyers appreciate a new roof and saves them the time and inconvenience to replace it. The roof is an ignored part of the house until it starts to leak or break which can hurt your home value.
When it comes to renovating, it is important to remember not to spend beyond the value that the neighborhood can bear. I will be glad give you a property evaluation based on the market, sales, history and comparables in your area.