Residential Renovation Services
The current market for buying and selling you home has special considerations for providing return on you investment. Looking at buyer motivations will help you access where you dollars will be best spent.
1. the main motivations homeowners renovation for next year
As mortgage interest has risen the bubble for housing cost and ability for homes to quickly change hands has slowed and will stay for the foreseeable future into 2023. With more money each month for the buyer being plowing into front loaded interest payments, this leaves less money for a buyer to do renovations once they own their new home, therefore fixer properties will become much less applicable. The homeowners/sellers motivation is to provide a turn-key property to the market. A home requiring cosmetic upgrades in the functional area, such as bathrooms and kitchens, may be overlooked entirely in favor of a property with newer fixtures. The buyer mentality at present is that it costs so much to get into a home, that if they need to postpone any home upgrades for several years until they can refinance their loan, they need to be happy with the current condition of what they are buying.
2. Tips for Sellers
My advice, if you must sell your home, spotless and blameless properties, meaning that even if all acknowledge that a large layout change or knocking down walls is very attractive, often the price tag to do so will not be returned with sale. Instead update every surface you can. Every inch newly painted, new flooring, all new surfaces in the kitchen and bathrooms, refinish those cabinets, paint the exterior, clean the yard. These less invasive upgrades will put your home at the top of a list and may even affect if your home sells at all in this market.
3. Stay put and love your space
The best advice is to stay where you are and enjoy your home. Adapt your space to fit your changing life. Remove that home office, or yoga room in your third bedroom that you installed 2 years ago to have space for your growing family: a laptop is easier to move than a nursery. If updates must be made for aging in place, ensure that the additional fixtures and features added to the home for accessibility and daily safety do not require heavy remediation when it comes time to sell your home in the future. The most important thing to remember is that if you do plan to sell in the near term future, meaning 2-3 years, keep the uncertainty of the market price in your mind as you ride out the interest rate storm. Always trying your best keep in mind the renovations should increase the value of your home, but you want to get out the money you put in at the very least.