Although well loved and filled with memories, has your home been around the block a time or two? Do you fear your home is dull and boring when compared to shiny new builds in the area? The comparison game can be dangerous to navigate when two properties are separated by a decade or more in age. We have established this guide with the KEYS to aging gracefully within the real estate market.
We only have one opportunity to make a first impression in business, in life and in real estate sales. Curb appeal is crucial to entice potential buyers. Most older homes already have mature trees and shrubbery that is unparalleled. Beautifully arranged outdoor living spaces, lighting and flower beds complete an appealing landscape. However, the most prominent exterior features are the entryway and garage doors, and it’s no wonder that these upgrades top the list of return on investment for worthwhile home upgrades.
Maintenance is non-negotiable and quite essential to creating a desirable listing. Well maintained homes typically do not require a full facelift. Instead, we should highlight unique details and quality craftsmanship while enhancing character with minor cosmetic repairs. This approach typically yields a higher return on investment (ROI) than the proverbial nip and tuck. A bit of resurfacing and a splash of paint can revitalize walls, doors, cabinets and trim. Finishing touches such as upgraded hardware, mirrors, lighting and plumbing fixtures featuring current trends complete the modern look. These relatively inexpensive elements provide a lot of bang for your buck in the residential market.
Essentially, buyers are enamored with the sparkle of a new build. Often, older homes showcase a multitude of upscale elements; still, buyers are seemingly drawn to the fresh faced appearance of a newer home. Mature homes can regain their glow with clean, organized and staged interiors. Less is more when listing a house for sale, especially in an area with a multitude of new communities. Closets, counters, foyers, mudrooms and laundry rooms must be streamlined for efficiency. Furniture and accessories should be minimal and arranged to create a spacious, inviting environment. Lighting designed to highlight upscale touches paired with fresh fruit, flowers and lovely scents complete the ambiance.
Cost effectiveness is perhaps the most essential factor in home renovations. We have created the guide below for inspiration. Use this formula for your transformation budget so you can get to work! First, determine the average price per square foot for homes in your neighborhood that have and have not been renovated. Subtract that number from the average renovated (similarly to your ideas) price per square foot in the area. Finally, multiply the difference by the total square footage of your home.
EXAMPLE: $330 - $298 = $32 x 2500 = $80,000 / R/sq.ft. - NR/sq. Ft. = sq.ft. diff. X total sq. ft. = MAX BUDGET
