The Impact of Remodeling
Studies show that the average time home owners stay in a home now has risen to ten years. Many home owners are not doing major renovations or keeping up with design trends (a trend last about 8 years). As a result their homes are sitting on the market in what should be a sellers market. Today's buyers want homes that are turn key. They are looking for HGTV homes and want the renovations already done and part of their mortgage.
The National Association of Realtors (NAR) released their 2017 Remodeling Impact Report. In it they list the top projects to gain equity and at the same time increase enjoyment while living in the home.
Top projects that are of no surprise include kitchen and bathroom renovations or upfits on the interior and a new roof for the exterior. Projects that surprisingly were shown to give 100+% of ROI, were refinishing hardwoods floors and adding new attic insulation.
Since the average length of time in a home has increased, it is important for homeowners to be proactive in renovations and maintenance so that when they are ready to sell they can. By doing this, they have the added benefit of enjoying the upgrades while living in the house.