Whether it’s a minor or major project, we know how tempting it can be to renovate your home. The number of television series focused on “flipping,” remodeling, and DIY projects has increased ten fold over the past decade. Most homeowners renovate their property to enhance livability, update old fixtures and appliances, or to increase their home’s value. 
While all of these reasons are valid, it is important not to over-invest in a project that may not yield a decent return on your investment when you sell your home. You also don’t want to invest in a project only to find out it affects your homeowner’s insurance coverage! A new roof, pool, adding square footage, kitchen and bathroom upgrades may also affect your homeowner’s insurance. Before you begin your next renovation or remodel, it is a great idea to consult with a knowledgeable local Realtor.
Why Should I Talk To A Realtor Before I Renovate
- According to the 2017 Cost vs. Value Report, only seven types of renovation projects will yield you a return on your investment of 70% or greater. A Realtor can perform a comprehensive market analysis on your home and give you an idea on what your home would sell for today, and what it could sell for if you perform your desired renovations. Click here to download the full Cost vs. Value Report.
- An experienced Realtor can give you a rough idea of what certain projects may cost. Although we highly recommend you perform your own research with appropriate renovation professionals, your Realtor is a great knowledge base to start with.
- Realtors have a comprehensive list of trusted local vendors, such as carpenters, contractors, demolition companies, painters and more who can help you renovate!
Just because a project won’t provide a significant return on investment (ROI) doesn’t mean it’s a bad idea. Many homeowner’s choose to renovate their homes simply because they want to enhance the livability of their home, regardless of whether or not they will recoup a significant value from their investment.
Interested in learning more about your home’s value before and after you renovate? Give us a call!
