If you need assistance, please call 509-590-4701

Avoid The Biggest Mistake When Renovating Your House

Tuesday, February 26, 2019   /   by Dennis Isip

Avoid The Biggest Mistake When Renovating Your House

If you’re going to spend significant time and money to do some home renovations, you want to avoid the single biggest mistake that home sellers regret. It can possibly cost you double or even triple the cost of the actual renovation itself.


But before we get to that, let’s have a quick rundown of seven of the best projects that will net you the most Return On Investment (ROI).


OrigBath.jpgThe actual costs will vary depending on the amount of work you do yourself, and the quality of materials that you use. In general, here is a prioritized list in the order of what is least expensive, relative to what is valued by most buyers.


1. Minor Bathroom Remodel

What Is Included: replacing the tub, tile surround, floor, toilet, sink, vanity and fixtures will give your outdated bathroom a welcome face lift!


2. Upgraded Landscaping

What Is Included: Many homeowners will hire a professional for help with landscaping if they don’t have a green thumb to add pops of color with flowering shrubs or trees, install a flagstone walkway, planters, fresh mulch and more!


3. Minor Kitchen Remodel

What Is Included: If your kitchen’s floor plan is good but requires a cosmetic update, refacing cabinets, adding a new countertop, and under cabinet lighting is a great start.


4. Exterior Improvements

What Is Included: Outdoor spaces add curb appeal and a place to enjoy all your new landscaping. You may need to repaint your home or invest in vinyl siding. A new front door can add a welcoming feel.


5. New Roof Install

Signs You May Need A New Roof: Shingles are missing, curling up, or covered in moss. The sun is shining through your attic. You notice stains on ceilings or walls. Your energy bill is sky high.

6. Hardwood Floors

Hardwood floors are a timeless classic. Refinishing them is a no-brainer. You won’t regret adding new hardwood floors to your home either.


7. Patio or Deck Install

Outdoor spaces add curb appeal and a place to enjoy all your new landscaping. Why not add a new patio or deck?


So after looking at the potential costs and establishing a budget, let’s look at the reasons why we’re renovating to begin with.


Usually, homeowners like to customize the space to accommodate their lifestyle. However, they have to be very careful against modifications that are exclusive to their personal tastes and  needs. Homeowners have to make sure that any changes they make will also appeal to most other people: potential buyers of their home down the road.


One of my clients had a beautiful 1-acre property, impressively landscaped, including a spectacular water fountain. In addition, it had a view and access to the Spokane River.


Unfortunately, the interior of the house had a weird layout. My client was a middle aged couple with no children, other than pet dogs.


To open up the master bedroom to the beautiful view of the river, they tore down one of the bedroom walls that leads into the sunroom. The sunroom itself has picturesque floor to ceiling windows, and it was directly accessible from the hallway connecting to the kitchen.


In other words, the master bedroom had no privacy, because it was openly accessible from the main living area. Of course, it was perfect for my sellers; but not very appealing to potential buyers who walked through for the showings.


There were a lot of very interested buyers, but most did not bother to make an offer because of the unusual floor plan. Eventually, we found a buyer who was willing to overlook the layout, because the waterfront access was more important to them.


Unfortunately for my sellers, the cost of this mistake was not getting multiple offers, which resulted in settling for an offer that was $40,000 less than the asking price.


In conclusion


The biggest cost of a home renovation, is not necessarily the cost of the construction itself. If the remodeling turns out to be extremely unusual, and it doesn’t appeal to many buyers, the cost could be accepting a reduced price in the sale of the house.  

 

  spokane real estate, selling home, home selling, buying and selling a home, home seller tips, getting ready to sell, dennis isip

Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2019 of the Spokane Association of REALTORS® MLS. All rights reserved.