Home Remodels Worth Their Value

Many homeowners think that a renovation will automatically increase their house’s value if they decide to sell it in the future. But that’s not always the case. Personalized projects that are specific to the family or improvements that will require significant maintenance often end up discouraging potential buyers. Sure, you might think an inground swimming pool or a built-in aquarium might be a great idea, but the next owner of your home may not agree. So what are the best-renovating projects to reap high resale rewards?

Energy Efficiency Windows 

Homeowners who are old, young, first-time, seasoned, empty-nesters, or with young families all love a home that’s warmer in the winter, cooler in the summer, and easier on the wallet. According to the recent Cost Versus Value Report published by Remodeling Magazine, vinyl and wood window replacement nabbed 66% of their resale value in Hartford County. Windows are a fantastic investment and not only for their heating and cooling abilities. Replacement windows are easy to clean and they are excellent at reducing noise pollution. 

Kitchen Remodels

As the busiest and most used room in the house, kitchens tend to be a huge selling point in the real estate market, which makes an outdated kitchen a big no-no for a potential buyer. According to the same Cost Versus Value Report, a kitchen remodel is likely to get a seller more than 60% of their investment. What’s key is to stick to very neutral tones and a layout that suits cooking, eating, and gathering. Most people love an island that can be used for food prep as well as a casual eating space. Lots of storage will hit the mark too. 

Garage Doors

This may surprise you, but the highest-ranking home upgrade on the 2022 Cost Versus Value Report was a Garage Door Replacement which was valued at 98% of its cost here in the Hartford area. This means that most homeowners recouped nearly every dollar spent on the project when they sold their homes. Garages are an important feature in any house as every buyer wants to maximize their storage space. Plus, with more homeowners looking for additional living areas for home offices, giving the garage a little facelift isn’t a bad idea. 

Stone Veneer

Another big winner this year was adding stone veneer to the outside of a home, a project that recouped nearly 90% of its cost upon resale. For many potential buyers, a simple cosmetic upgrade that’s both timeless and upscale can really improve the curb appeal of a property. 

The “No Go”

With plenty of lucrative projects for the savvy homeowner, there is one area that generally takes a hit and that’s a bathroom. Adding a bathroom to a home can be expensive and the costs recouped is generally less than 40%. If you need an extra bathroom for your family and it makes sense for you, go for it. Just don’t expect the project to pay big when the “for sale” sign hits the lawn down the road.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Investing in a Fixer Upper? Bobby O's Five Must-Read Tips

For a lot of young people, a first step onto the property ladder might mean purchasing an older home that needs a bit of work. Fixer-uppers can be a great way to enter the real estate market, especially if you’re handy around the house and know a thing or two about remodeling. But if you’re new to the game, getting swayed into paying too much for a rundown home that needs more work than it’s worth can be a real risk. Here are some things to think about before sinking your life savings into a piece of property:

Mr. Inspector

No matter what, always make sure you have an inspector look at the property and report on his or her findings. Lots of homes look perfectly fine on the outside but have expensive or even toxic damage hidden within the property. An inspector will document any issues he or she finds, and at the very least you should be able to use that information to negotiate the price with the seller. If major parts of the house such as the foundation or structural walls need replacing, or if the house has lead paint, lead pipes, or asbestos, you might want to rethink your potential purchase entirely.

Your Budget +15%

Be really clear about how much you are willing to spend to renovate your purchase into the house of your dreams, and be sure to include the cost of materials, the labor and any permits and paperwork in your estimate. Know that very few projects run to budget, so tack on an extra 15% to give yourself some breathing room. Think about what projects have to be dealt with immediately and which ones can wait. Broken stairs might need immediate attention, but the pink sink and bathtub might just grow on you – at least for the first year. 

A Piece of History

Make sure you are aware of the historic status of an old home. Many people purchase houses in an area or zone that doesn’t allow the aesthetic to be changed, which could put a real damper on your dream plans. Also, know that historic restoration is much more expensive than a normal remodel, and it often requires specialists to get the job done right. Be aware of this before you buy.

Keep it Vanilla

A lot of young people buy fixer uppers with plans to remodel in a way that suits them personally. This is fine, but consider what types of projects will enhance the resale value of your home and attract a wide variety of buyers. Additionally, make sure that your remodeling plans keep your house in line with the other homes in the area. Real estate experts suggest keeping your home within 10-15% of the median sale price of other homes in the neighborhood. The last thing you want to do is spend a fortune to revamp a house and then not be able to sell it when the time is right.  

Your Crew

Once you decide on your fixer-upper, make sure you hire experts to handle each individual job. Many people are tempted to get one handyman to install the flooring, replace the electrical, and fix the plumbing as a way to save money. This usually comes back to bite the homeowner as no general contractor can be an expert at everything. Find a pro that you love and ask him or her for recommendations. Every contractor has other tradespeople that they feel comfortable introducing to their clients because they do great work. Remember, it’s their reputation on the line too.

Bob O’Donnell is the owner of O’Donnell Bros. Inc., a Bristol-based home improvement company established in 1975. Email your questions to info@odonnellbros.com with the subject line “Ask the Pro.” All questions may be considered for publication. To contact Bob for your remodeling needs, call O’Donnell Bros. Inc. at (860) 589-5155 or visit http://www.odonnellbros.com. Advice is for guidance only.