Should You Remodel for Resale in Today’s Real Estate Climate in the Edmonds WA Area?
Yes. The real estate market has changed dramatically in the past year. Mortgage rates have gone from rock bottom to sky high and this has had a cooling effect, but the market hasn’t ground to a halt by any means. In fact, there has been a slight balancing effect which in hot markets like Seattle is welcome news for buyers. With this in mind, should you invest in remodeling your home for resale?
Statistics show that homes in the greater Seattle area are either going pending relatively quickly, in the first two weeks, or they are sitting on the market for 45 days plus. Obviously the first category is preferable for sellers as this is the window where sellers are most likely to receive offers that escalate above asking price. So what is the difference that we are seeing between homes that fall into these two categories? Presentation. Homes that have been presented well sell faster. This includes staging, where we transform your home using furniture and decor, as well as remodeling, where we can advise you on changes from interior and exterior paint color to kitchen and bathroom remodels that will elevate your listing and attract buyers.
As I recently wrote in an article about remodeling for Danika Plumbing https://danikaplumbing.com/edmonds-plumbing/, don’t forget the big picture when planning your remodel. In the context of remodeling for resale, this means making sure that the home feels cohesive both from a design perspective and the general condition of the home. For example, don’t neglect a deteriorating exterior while focusing on a luxury kitchen remodel. Seeing that the home as a whole has been well cared for gives buyers confidence that the home will be a good long term investment. So what are the top home remodeling projects that pay off in the Edmonds, WA area?
Get the most from your home remodeling investment by choosing from the highest ROI projects for homes in the Edmonds, WA area.
Kitchen Remodels
One of the top home remodels that pays off is a kitchen remodel. It is the heart of every home and should be one of your favorite places to be. It also happens to be one of the most lucrative investments you can make for a home renovation.
Upgrade your appliances
Updating appliances is a key aspect of a kitchen remodel that can significantly increase the value of a home. Upgrading to energy-efficient appliances not only improves the functionality of the kitchen but also appeals to potential buyers who are looking for ways to reduce their energy consumption and utility costs.
Replace old fixtures
Additionally, replacing outdated fixtures such as faucets and lighting fixtures with more modern and stylish options can instantly update the look and feel of the kitchen, making it more attractive to buyers.
Add more storage and functionality
Another important aspect of a kitchen remodel is adding storage space and creating a functional layout. Many homeowners value ample storage in the kitchen, so incorporating features like pantry cabinets, pull-out shelves, and built-in organizers can greatly enhance the functionality and organization of the space.
Streamline your layout
Additionally, reconfiguring the layout of the kitchen to create an open and efficient workflow can make a significant impact on the overall appeal and usability of the space. This may involve removing walls, rearranging the placement of appliances and countertops, and optimizing the use of available space.
Go green!
Increasing energy efficiency is also a key consideration when remodeling a kitchen. Installing energy-efficient windows and insulation can help reduce energy loss and improve the overall comfort of the kitchen. Additionally, upgrading to energy-efficient lighting fixtures and incorporating smart technology, such as programmable thermostats and motion-sensor faucets, can further enhance the energy efficiency of the kitchen. These energy-saving features not only benefit the environment but also appeal to potential buyers who are increasingly conscious of sustainability and cost-saving measures.
Bathroom Remodels
One of the top home remodels that pays off is a bathroom remodel. There are several ways to upgrade your bathroom to increase its value and appeal. One approach is to focus on upgrading fixtures and finishes.
Upgrade old fixtures
This can include replacing old faucets, showerheads, and lighting fixtures with more modern and energy-efficient options. Upgrading the vanity, countertops, and flooring can also give the bathroom a fresh and updated look. These improvements not only enhance the aesthetic appeal of the space but also contribute to a higher resale value for your home.
Improve the layout and functionality
Another aspect to consider when remodeling your bathroom is improving its layout and functionality. This can involve reconfiguring the space to make it more efficient and user-friendly. For example, you may choose to remove a bathtub and replace it with a spacious walk-in shower, or rearrange the placement of the toilet and sink for better flow and accessibility. By optimizing the layout of your bathroom, you can create a more functional and enjoyable space for both residents and potential buyers. Creating a spa-like retreat in your bathroom is another popular home remodel that pays off. Many homeowners desire a tranquil and relaxing bathroom environment, reminiscent of a luxurious spa. This can be achieved by incorporating elements such as a soaking tub, a rainfall showerhead, and heated flooring. Adding soft lighting, calming colors, and natural materials can also contribute to the spa-like ambiance. Transforming your bathroom into a serene and rejuvenating space not only enhances your daily living experience but also adds value to your home.
Outdoor Improvements
One of the top home remodels that can pay off is making outdoor improvements. Building a deck or patio is a popular outdoor project that not only enhances the aesthetics of a home but also provides additional space for relaxation and entertainment.
Build a deck and/or patio
According to a survey by Rocket Homes, an attached outdoor living space, such as a deck or porch, can add almost $20,000 to the value of a home. Additionally, a well-designed deck or patio can significantly improve the overall appeal of a property, making it more attractive to potential buyers.
Invest in your greenery
Landscaping and garden enhancements are other outdoor improvements that can greatly increase the value of a home. Good landscaping has been shown to add up to 28% to a home’s overall value. This includes elements such as well-maintained lawns, strategically placed trees and shrubs, and attractive flower beds. Investing in professional landscaping services or taking the time to improve the outdoor space yourself can make a significant difference in the perceived value of a property.
Invest in fusion living (bringing the indoors outside)
Adding outdoor living spaces, such as an outdoor kitchen or living room, can also be a worthwhile home remodel that pays off. These spaces provide an extension of the indoor living area and create a welcoming environment for outdoor gatherings and entertainment. According to a survey from Rocket Homes, homeowners with outdoor living spaces reported an increase in the value of their homes. These outdoor spaces can be designed to include features such as seating areas, fire pits, and outdoor kitchens, all of which contribute to the overall value and appeal of a property.
Basement Renovations
One of the top home remodels that can pay off is basement renovations. By transforming your basement into a usable living space, you can greatly increase the value and functionality of your home. One of the main benefits of basement renovations is the creation of additional living space. This can be particularly valuable for growing families or individuals looking to maximize their home’s square footage. Whether it’s a family room, entertainment area, or even a guest suite, a renovated basement provides extra space for relaxation and entertainment, making it an attractive feature for potential buyers.
Add an office or gym
Another advantage of basement renovations is the opportunity to add a home office or gym. With the rise of remote work and the increasing popularity of home fitness, having a dedicated space for these activities has become highly desirable. By converting your basement into a home office or gym, you can create a functional and private area that meets your specific needs. This can not only improve your own quality of life but also increase the overall value of your home.
Increase storage
Additionally, basement renovations offer the opportunity to enhance storage and organization in your home. By installing custom shelving, cabinets, or built-in storage units, you can maximize the use of space and reduce clutter. This is particularly beneficial for homeowners who may have limited storage options in other areas of the house. Improved storage and organization can make a significant difference in the functionality and appeal of your home, making it a worthwhile investment.
Stay tuned for our next post where we will be talking about the trifecta for fast home sales: Presentation, Promotion, and Price.
