It's an exciting time to remodel your home thanks to the improving economy, growing online resources and brisk market conditions. Whether you are interested in increasing the value of your home in advance of selling it, turning a potential home into a dream home or making a current home a better fit for the family, a renovation project once again results in both personal enjoyment and financial value. In today's real estate market, with house condition a big driver for sales, an inspired renovation can make your house stand out in the sales market and generate competing offers.
For the first time in almost a decade, renovation values are on the rise. The 2014 Cost vs. Value Report, an annual collaboration between Remodeling magazine and REALTOR® Magazine, breaks down the estimated cost of various remodeling projects and the estimated return on investment for those projects by region, city, and midrange and upscale projects. "The payback for the 35 projects tracked in the report, from replacing a garage door to a complete kitchen overhaul, rose 9 percent in 2013. And 15 projects posted even higher gains, from 10 to nearly 30 percent." states Hanley Wood, publisher of Remodeling magazine. According to the Boston Globe's analysis of the 2014 Cost vs. Value Report, the top five renovation projects for the Boston areas based on financial return are an attic bedroom, new front door, new siding, minor kitchen remodel and new garage doors. In Wellesley, we see a high-return on both minor and major kitchen renovations. That's no surprise since a kitchen is the hub of the home and the inevitable gathering spot during any party!
If you are considering a renovation, or building a new home, you might want to check out Houzz. It's becoming the ultimate tool for home remodeling and design, providing homeowners with all the inspiration, ideas, advice, product information and professional reviews needed to take an improvement project from dream to completion. Houzz has a database of more than 3 million photos to browse through. Warning, it's addictive! The photos are organized by room and further searchable by style, budget, room shape and more. The articles posted on Houzz, such as Laura Gaskill's recent article titled Revive Your Room's Look in Just 5 Steps, make the site a powerful resource for every homeowner. From cabinetry design, to lighting, to furniture, this site has it all and turns the process of planning a renovation from trying to exciting.
Since it often helps to have an unbiased but savvy listener, call or meet with us to talk through the cost-benefits of your renovation project. Our extensive experience makes us an excellent resource for brainstorming financially smart changes and spotlighting which project will bring the best payoff in the market or with your family life. We can also give you great recommendations on contractors.