Real Estate In The Parks – By Scott & Sam Hillman
Spring is most definitely in the air, flowers and trees are blooming, and people begin to look at their homes in a new light. This is a popular time of year for homeowners to consider renovating their homes. Renovating and updating your home can be very financially beneficial, but it is important to not rush in and make snap judgements. If the renovation is done poorly or the design idea is not right or if you concentrated on the wrong space, you may be upset to discover that your return is not at all what you anticipated.
It is very important to look at what your return on investment (ROI) will be; you may be surprised to discover what will get you the most for your money. Current research has shown that updating and renovating your homes’ insulation can yield close to 100% return on investment. When looking at your home and deciding where to renovate, don’t overlook your outside spaces. Adding in a backyard deck has proven, according to current research, to provide a fairly high ROI.
Another important factor to consider is the level in which you renovate a space. You want to keep the renovation in line with the rest of your home. Additionally, you want to be mindful to not over-improve for your area, you should want your home to “match” the look and feel of its area and neighborhood. You will want to shy away from any overly fancy improvements as well. Typically, buyers do not find overly ornate interiors appealing and this could negatively affect your ROI.
Modernizing your home is always a great reason to begin renovations. A positive return on your investment can be achieved by updating your spaces. By simply removing dated wallpaper and 4old shag carpeting and replacing linoleum flooring will achieve a good ROI. Just be careful not to completely change the use of a room that a potential buyer down the road may neither understand nor appreciate; such as turning the dining room into a pool hall. Even though you may be renovating your home for your own use currently, if you are thinking that you will be in that home for less than five years, then it is wise to consider how potential buyers will view the changes you are making.
Finally, you want to ensure that the quality of your home renovation is excellent. It is tempting to hire a discounted contractor or have your friends help you on your own but keep in mind that sometimes you may get just what you paid for; and discounted quality can lead to higher cost fixes down the road. Interview a few contractors, ask friends and neighbors for recommendations, and inquire what they loved about their renovation experience and what they hated.
Renovating your home can be a rewarding experience and provide you with a great return on investment when the time comes for you to sell your home, if you do the proper research. Take your time, ask for recommendations, and you will be happier with the end results.
Scott Hillman is president of Fannie Hillman + Associates, a 37-year-old Winter Park-based real estate company specializing in residential real estate sales. Sam Hillman is a realtor and Market Analyst at Fannie Hillman + Associates. Together, they produce Hillman Homes, a customized biannual publication showcasing local luxury listings, editorial features, and The Hillman Report, a look at residential real estate in Orange and Seminole counties. Read the latest issue on the company’s website (fanniehillman.com) or by calling (407) 644-1234 for a copy.by