Do You Need to Renovate to Sell Your Luxury Home?

 Boca Raton is a unique community with many new and older homes located in the many country clubs such as The Polo Club.  Home renovation seems to be an ongoing theme with many of the older luxury homes and condominiums.  If you’re thinking about selling your home and aren’t sure if renovating is the right way to go then this blog will help give you some direction.  The question is how much return of investment do you want to see? If your home is older needs updating before you sell, then consider working with an architect or contractor to help make changes.  Here are a few key things to keep in mind when you're updating your home for its future sale.

When you first make the decision to update your home, consider whether you’re doing this for the new owners or yourself.  Many people try to second guess what the next owner will want and will make the changes according to their thoughts.  It’s best to remain neutral and make the renovations based on what is trending in the market and not necessarily what the next resident will want.  Most times people will change their new homes to their preference.  It’s better to do some light updating and not add on a significant change that could be re-done by the next person.

There are a lot of different types of renovations that you can do to update your current home.  We are seeing this type of upgrading quite a bit within Boca and the neighboring luxury homes. These are what seems to be the most common for projects within luxury markets:

• Garage Door Replacement

• Window Replacements

• Entry Door Replacements

• Minor Kitchen Remodeling

• Outdoor Living Spaces

• Bedroom and Bathroom Remodel

Garage Door replacements are predicted to have a 91.5 % ROI.  You can read articles on just about any Real Estate or Home Improvement site and learn what gives your home curb appeal. In most cases, your garage door is the largest opening to any house.   In a 2014 study done by Remodeling Cost versus Value Report, garage door replacements ranked 2 out of 13 home improvement projects as an estimated value of $3,000. To read more about the study click the link www.costvsvalue.com.

The next big investment before selling a luxury property is windows.  If your home has windows that are over ten years old and aren’t weather proof for Florida, then there could be some issues when it comes time to sell.  Updated vinyl window and wooden window replacements are said to have about a 78% ROI.  Consider the fact that the newer homes are being built with hurricane impact windows for higher safety.  These also reduce harmful UV rays that can create damage to homes and furnishings. These types of windows have obviously built great value to the home. Did you know the Florida Building Commission recently required manufacturing of impact glass windows include energy efficiency? These windows are said to save on energy by as much as 10 percent, making this renovation smart and practical.    

Another strong home improvement would be Entry Doors.  These types of improvements can lend you close to 73% ROI and will inevitably be one of the first items noticed by the next buyer. Making your entry way inviting is one aspect of renovating, but consider safety with design to prevent unwanted traffic from encroaching on your privacy.  Whether you sell your home right away or your planning on staying for a while your safety will always be important and this is an investment well worth it.

Since the kitchen remains to be the room, everyone hovers in, it only makes sense this area that sees a lot of traffic is long overdue for an update.  Yet, if you’re planning on selling then it won’t make much sense to do a major remodel.  The Appraisal Institute suggests choosing upgrades versus redoing everything.  They also suggest that doing smaller projects such as replacing the cabinet doors can defeat the ROI because this type of renovation isn’t valued the same.  Before you look into re-doing the entire kitchen, consider the cost per value.

With the outdoor living spaces becoming one area of the home that people are claiming to spend more time on.  It makes sense to consider updating this area depending on what you’ll be doing.  The pool may need resurfacing or you may want to add a fireplace or pizza oven.  In any event, this is one of the best ways to improve the home and keep up with the latest trends.  A newer deck can deliver as much as 80% of your investment and allows both you and the new owner the chance to enjoy every square inch as a relaxing addition.

In the event that you’re considering updating your master suite or perhaps redesigning your bathroom, consider this a personalized space.  Many of these projects are yielding around 68-73% ROI so this is an area you may want to consider whether it’s worth your time and money to improve.  Bathroom renovation can be costly and can also take a long time to complete.  There are many things to consider here so make sure it seems worth your time and effort.  It may be better to let the next owners handle it their way.

It’s good to shop around for architects and builders that will give you what you’re seeking.  Make sure that they do extensive research of the home and the renovations.  You’ll want to make sure that they know all the perimeters before starting on any large projects.  A good architectural firm such as Miklos Architecture in Boca Raton will begin their quest for giving you the best value by finding out everything there is to know about the existing structure and any other details that could be potential issues later on.

Finding a good architect is the easy part, the difficult part is dealing with the remodel but the downside can turn out to be a positive investment. Either way do whats best for you and rest always falls into place.

If you are considering selling a home and would like to discuss your options, please contact our luxury home specialists. (561) 406-8880