Renovation and Home Prices
Here’s an instant spot quiz— (see what comes to mind within a second or two):
If you decide to sell your town home, if you had a crystal ball, what’s the most important detail about the sale result? Quick! Answer!
If you’re like seven out of ten people, you were curious about the bottom line: “what price did it sell for?” Some people come up with “how long did it take?”—but usually, that’s the second or third choice (“what were the buyers like?” is another contender).
It’s hardly surprising that the closer they get to putting their own house up for sale, home prices are foremost in people’s minds. Yet most homeowners assume that the ultimate sale price will be determined by market forces outside their control. That’s sort of true, but not entirely so. Home prices aren’t set in stone. Homeowners do have a degree of control over what their property will bring—if they choose to exercise it. One key to seizing that control is the smart application of remodeling dollars to areas that pay off.
For Portland Metro area homeowners who plan to continue living in their homes for the foreseeable future, it’s less of an issue. They can be comfortable putting their remodeling project dollars in the directions that make the home more comfortable and agreeable to their own family lifestyles. They can safely follow their own priorities without worrying too much about where current tastes and trends are heading, unless you are someone who just enjoys being counted in the fashion vanguard.
But if you’re fairly certain that you will list your Portland Metro area home sometime soon, you should remember that a property’s salability can be greatly affected by the remodeling direction that’s taken. Rather than making those decisions guided solely by your personal preferences, it makes good sense to take into account what buyers consider valuable, if for no other reason than the likelihood that those dollars will come back! There are three areas that deserve consideration:
Kitchens always seem to get the most attention when it comes to boosting home prices. A homeowner may prefer a warm, comfortingly cozy space for the center of family activity that the kitchen usually becomes—but many prospective buyers go the other way. Light and bright is vastly preferred over cramped and dark for buyers who are comparing kitchens—and the resulting home prices offered usually reflect it. If your property will be among the Portland listings anytime soon, think about directing some remodeling energy there.
The master bedroom is growing in importance, too. Many buyers who in earlier eras may have valued a formal dining room, now forego it altogether—preferring an attractive master as a sanctuary from the stresses of the outside world.
Living rooms can also add to the bottom line a home winds up fetching. An open, bright multi-purpose area that’s easily envisioned as a center for family entertainment and social gatherings can give a strong boost to perceived value. Simple renovation ideas like removing dated window coverings or replacing worn carpet can be dollars well spent.
If selling is anywhere on your horizon, it won’t be long before keeping tabs on trends in Portland home prices becomes a new personal priority. Whether early-on or last-minute, calling us for a no-obligation consultation can make a big difference for maximizing your sale’s result!
Craig Reger Group
We sell more because we do more.