Downsizing During a Record-Breaking Real Estate Market

I read an article last week that said the local real estate market is riding a 15-year high as urbanites look to flee the city and work-from-home folks need more space. 

Selling the family home for a smaller house or apartment is a popular consideration as we age. As much pleasure as a larger property can offer, it’s also a lot to clean and maintain on a regular basis. Many baby boomers agree. According to a survey by real estate company Zillow, almost 50 percent of boomers who sold homes were in the process of downsizing. So how should you tackle the tough and tedious process of deciding what stays and what will go? Here are a few tips to take into consideration.

Start Now

Even if you’re not yet ready to downsize, it’s a good idea to begin organizing yourself early. Seasonal changes are a fantastic time to start getting rid of clothing and equipment that never make it out of the closet. Pretty soon it will be spring, so take stock of what you didn’t use in the winter. Facebook Marketplace is a great way to make a few extra dollars on gently used goods or consider your local shelter or Salvation Army for donations. 

Take Photos

Leaving a house can be difficult, especially if it’s one that you’ve raised your family in. Be sure to take photos and videos of the various places where memories were made. After the house is gone, you’ll appreciate reminiscing and remembering the good times through pictures. A video diary is a fun thing to share with the kids too. 

Choose Your Favorites

Collections are always very hard to part with. My best tip is to pick a few favorites and let the rest go. Some collections have plenty of sentimentalities but not much monetary value. Other collections can be worth a pretty penny once you’re ready to part with it. Either way, downsizing into a smaller space is the perfect time to get rid of some of the things you’ve been holding onto for a long time. 

Paperwork Purge

This is one of the worst tasks but it’s a must for many downsizers. So many of us hold onto paperwork for too long, only to get completely overwhelmed and bogged down with it years later. Things that might seem worth keeping such as tax returns only need to be filed for seven years if that. Most of our accounts and records are kept online anyway, so there is really little need to have hard copies of anything. Invest in a good shredder and start pushing that paper.

Get Help

Downsizing is tough to do alone, so enlist your children to help with the sorting and organizing. If you’re the sentimental type, it’s also a good opportunity to pass treasures onto family members. I also advise having someone close by if you’re tackling the more difficult parts of the home such as attics and storage spaces as they can be quite warm, stuffy, and harder to navigate. Don’t take on any of these projects if you’re home alone. 

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.

Home Upgrades Worth Their Resale Value

For a lot of us, much of the past year has been spent thinking about how to make our homes more comfortable. With so much still hanging in the balance, I thought it might be worth talking about the types of remodeling projects that score big points in the real estate market, and which ones might not be so lucrative if you decide to sell your home. 

People generally think that any kind of upgrade to the home is going to raise its value. But that’s not always the case. Highly customized renovations that are specific to your family or jobs that will require a fair bit of maintenance actually end up discouraging potential buyers. Sure, you might think a wall to wall aquarium in a basement bonus room 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 is easier on the wallet. According to the 2020 Cost Versus Value Report published by Remodeling Magazine, vinyl and wood window replacement nabbed nearly 80% 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 mid-range kitchen remodel is likely to get a seller upwards of 63% 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 2020 Cost Versus Value Report was a Garage Door Replacement which was valued at 104% of its cost here in the Hartford area. This means that most homeowners actually made more than they 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. 

The “No Go”

With plenty of lucrative projects for the savvy homeowner, there is one upgrade that’s not worth the spend if you’re planning on selling your home. According to the report, bathroom additions are an expensive project and not one that potential buyers really appreciate. An average $50,000 mid-range bathroom addition netted only 43% of its cost and an average upscale bathroom addition recouped only 38% of its cost. Between structural changes, plumbing, and fit-out, this is one project that might not be worth the investment if you’re planning on a home sale in the near future. 

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.

Taking Advantage of a Hot Real Estate Market

Getting ready to put your house on the market? There has never been a better time to do it. With city-dwellers flocking to find more space here in Connecticut and more young families looking to find larger living quarters, the demand for real estate in our area is sky-high. So what should you be thinking about to nab the best price for your home? Here are five ideas to consider:

Home Office Space

With so many people working from home for the foreseeable future, a dedicated space to stay focused during the 9-to-5 will be a worthwhile investment. A simple place away from the hustle and bustle of the rest of the house where productivity can be maximized will be high on the list for many house hunters. 

Indoor Outdoor Living

Even though it’s getting colder, people will be looking at how they can extend their living space outdoors. With more people spending more time at home, backyards and patios will begin to feel more like retreats with swimming pools, firepits, and kitchen/dining facilities taking center stage. 

Minimal Maintenance

While landscaping is an attractive element to any home, most prospective buyers don’t want to spend all their free time doing yard work, especially if they are moving to the suburbs from the city. Consider simple changes that make your greenspace easier to maintain. Clean beds and maintained grass offer a fantastic blank canvas for novice gardeners.

Nooks and Hideaways

With families spending more time together at home, everyone will be looking for a little bit of quiet and privacy. Window seats, reading nooks, and small dedicated spaces for the kids to play will be in high demand, which is a big departure from the open plan trends of the past decade. 

Bedroom Oasis

Bedrooms often end up last on the list in terms of design and detail, but will less of us going off on vacation, the bedroom is about to get a whole lot more luxurious. From high-end bedding to comfortable seating, bedrooms that can be transformed to feel like a hotel room will tick plenty of boxes on a buyer’s list.

With so much activity happening locally, this fall is sure to break some records and make for an interesting real estate season. Have the effects of coronavirus made you consider putting your house on the market? Has working from home or home-schooling made you think about a move? I’d love to hear from you, send me a message on Facebook at www.facebook.com/odonnellbros 

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.