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I published an article years ago entitled, “Renovation or Relocation . . . That is the Question.”

Still today, one of the greatest pastimes of many homeowners is to snuggle up to a new episode of “The Property Brothers” on HGTV and watching Jonathan turn an old house into a gem and Drew putting it on the market for top dollar.

In 2017 “Home Staging” has once again emerged as the buzz phrase among Real Estate professionals.

The website:  http://www.remodeling.hw.net/cost-vs-value/2017  is packed full of nationwide remodeling information by region. For instance, in 2017,  a major kitchen remodel would cost about $59,000, the resale value would be about $45,000 or the cost recouped by the seller would be 77%.  The fact that you could enjoy that new kitchen while deciding to put your home on the market is part of the equation.

A home addition, such as a family room totaling $83,000 would bring about a 96% cost recouped from the resale while a bathroom remodel cost recouped is 73%.

I would strongly urge you to visit the website to peruse the various project types, costs, resale value and cost recouped while you consider whether this is a task you want to undertake.

Homes remodeled certainly sell more quickly than the competition that touts “original” or “handyman special” – because typically, unless there is a contractor in the family, most do not want to undertake this inconvenience.  Renovation television shows remind you that the cost quoted and the actual completed cost could vary – because the contractor has discovered other issues as the renovations take place.

Renovations to Avoid. According to RISMedia.com, there are three renovations that have little-to-no payoff value:

1) Luxury Add-ons: An indoor basketball court, wine cellar, sauna, or home theater.

2) Swimming Pool: The average cost of a new pool is $39,084, a hefty price tag that is seldom recovered once the home is sold.

3) Gaudy Accents: Gold-plated crown molding, mosaic-tile backsplashes, and artistic mosaics in the tile floor often turn off the average homebuyer.  A home valued at $600,000 after all the renovations will not sell in a neighborhood where homes are netting half that price.

I currently went to an open house in our area where a home was remodeled to the “9s” in a neighborhood typically priced from $300,000-$400,000. This residence was totally remodeled, practically rebuilt, and doubled in size.  The price tag is currently $700,000.  I will be curious as to when and if it sells and for what price.

Over-improvement is worse than no improvement. A neutral palette (with bold colors and tones in accent pieces) will move the home faster and with the possibility of multiple bids.  A neutral palette allows the buyer to see his taste.

Please contact me prior to renovating.  I can view your home and prepare a thorough and comprehensive market analysis to help you decide whether you should renovate – either to enhance the enjoyment of your home or prepare it for our competitive marketplace.

ZONA HORTON, P.A., CRS, GRI Realtor®