House Beautiful

WRITTEN BY STEVEN ALFORD

Move on up — and spur a sale — with key home renovations

Big-ticket items that last — like a new roof or HVAC system — offer confirmation to a buyer that a home has been well maintained.

Kitchen renovations are historically known for a solid return on investment. THIS SPRING, many homeowners found themselves sheltered in place with a lot of extra time on their hands. Those improvement projects put off for another day? Suddenly, they seemed a lot more pressing.

Here in the Coastal Empire, local realty experts say they’ve seen a spike in demand for renovations and upgrades since the coronavirus outbreak. As people are spending more time at home, they're noticing a lot of would-be projects demanding their attention.

Each year, the annual amount homeowners spend on improvements creeps upward, although a 2018 report from HomeAdvisor showed that homeowners spent an average of $10,000. But 2020 has been a year like no other in recent memory, bringing with it an increased value on domestic quality of life, from remodeled kitchens and bathrooms to new outdoor living spaces as people stay put.

“The COVID-19 lockdown has forced homeowners to really use their homes to their maximum potential,” says Austin Hill, president of Austin Hill Realty. “If they don’t like the way their spaces work, they can

either make improvements, or they can make plans to sell and buy a new home that suits their needs for the entire family,” Hill adds.

But don’t put too much on your plate all at once. Before getting started on that next home improvement goal, it’s smart to categorize projects into those that are needs, and those that are wants, experts advise.

“I tell my sellers that before they start on cosmetic improvements, they should make sure the bones are in great shape,” says Staci Donegan, associate broker at Seabolt Real Estate.

“You can never go wrong in the core systems of your home. Roofs, HVAC systems and water heaters aren’t sexy, but they are big-ticket items that, when putting a home on the market, offer confirmation to a buyer that the home has been well maintained.”

Donegan says routine maintenance is just as important to your home’s well-being — and its desirability when it comes time to sell. Rotten wood is an important deferred-maintenance, big-ticket item that shouldn’t be ignored and can drive up costs in the long run.

In updated bathrooms and kitchens, choose classic colors and fi nishes to maximize buyer interest.

Don’t sleep on curb appeal, either, says Will Thurman, principal and designated broker for Berkshire Hathaway Home Services, a recent merger of Bay Street Realty Group and Cora Bett Thomas Realty. “Enhancing the exterior of your home adds a value unlike any other,” he says. “You can fi nesse the front of your house without spending a fortune, and it can make a huge diff erence.”

Once core items have been addressed, homeowners may choose to move on to other areas historically known for a solid return on investment. The time-honored renovation rule is, “bathrooms and kitchens sell houses,” Hill shares.

“A fresh kitchen or bath is always nice when you’re thinking about resale value,” he says. “Those projects are expensive, but it’s why buyers like them.”

However, instead of making a major and costly renovation to one key room, Hill recommends touching a smaller space to add value and breathing room to the home.

“Adding a bathroom, even a powder room, will increase value. Extra square footage will also add more value versus the cost, such as putting on an addition, enclosing a porch or fi nishing an attic space,” Hill says.

Donegan advises that while kitchens and bathrooms are always smart upgrades, homeowners should consider timeless fi nishes and colors as a way to maximize their return on investment. “There’s nothing wrong with making selections specifi c to your own personal preferences, but be prepared when putting your home on the market that those selections may not appeal to the majority of buyers in the market,” Donegan explains. With parents and students working and learning from home now more than ever, local experts say there has been extra emphasis on updated work spaces, offi ces and dedicated studying environments for virtual classes. If a home has space that wasn't being used much in the past, such as a forgotten nook or sunroom, homeowners can repurpose those areas to create usable spaces for working and studying, Donegan says. With playgrounds, parks and amusements closed for several months this year, many homeowners also found themselves looking for new ways to keep relatives and children entertained at the house. Local realtors say this has led to increased demand for pools, green spaces and playground equipment for backyards. “We’ve seen a rise in exterior space additions, whether they be a patio, a new deck or even adding a swimming pool,” Hill notes. But for those not ready to splurge, small projects to spruce up the outdoor living space can have a big impact in the short term. “You can also add a grilling station, not necessarily a full outdoor kitchen. Then, that might lead to new landscaping as well,” he adds. For those who decide to hire outside help to make their renovations dreams a reality, local experts say to make sure and get two quotes, and go in with the expectations that costs have gone up for work and materials as demand has spiked. Before digging in, it might be best to ask a local expert to confi rm which improvement projects will get the most return on investment. “Contact your Realtor,” Hill says. “They are happy to answer any questions.”

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