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Tuesday, February 09, 2010 |
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Every year, RE/MAX associates sell hundreds of thousands of homes in every size,
shape and style. In fact, when you work with RE/MAX, you’re working with the experienced professionals of the world’s most successful real estate company. So,
when it comes to buying and selling smarter, there’s no doubt we can show you how.
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We discovered that the relative return on renovation
investments changes based on the market in which you live. Select the most
appropriate region and compare your average "return on reno" to those of owners
in other areas.
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But our commitment to helping you get the most out of
your home begins long before that for sale sign goes in the yard. The knowledge
we've gained from all of those home sales has now been used to develop the
RE/MAX Smart Renovator Guide. It's just one more way in which you can profit
from our experience.
According to our 2006 Smart Renovator survey, the majority of Minnesota and
Wisconsin homeowners (54%) would rather remodel than relocate. Most site a
genuine love for their home as the primary reason, but wanting to enhance
future resale value runs a close second - and that’s where home renovations
usually come in.
As a homeowner, you’re likely to resell at some point in the future and will
want to consider the changing characteristics of your neighborhood. Remember
the
choices you make regarding improvements can drastically influence your home’s
market value. Getting the biggest return for your renovation dollars means
knowing what home buyers want and what choices make the most sense for your
price range and prospective buyer.
For instance, our survey revealed the most popular projects across Minnesota
and Wisconsin markets include remodeling kitchens, renovating bathrooms,
finishing basements, adding outdoor decks and replacing windows. Homeowners in
all markets put a gourmet kitchen near the top of their wish lists (23%).
Interestingly enough, an equal number of Twin Cities consumers said a
three-stall heated garage would be their first choice for a new addition, while
those in Milwaukee and Madison are more likely to dream of adding a master
suite.
You’re sure to notice that some renovation projects are consistent winners in
all markets. Investing in kitchen and bathroom remodeling or siding and window
replacement are always wise decisions. But remember to tailor your decisions to
fit the rest of your home.
You’ll also want to evaluate the prospect of hiring some professional help and
the possibility of doing it yourself. More than half of all homeowners
participating in our 2006 survey said they always or almost always tackle home
improvements on their own — including 40% of female respondents.
Of course, the RE/MAX Smart Renovator Guide is just that: A guide. This
information isn’t meant to dictate your decision but provide a starting point
for
understanding the preferences of your potential buyer. Making the effort to
discover which renovations will give you the best return on your investment
will betime — and money — well spent.
Take The NARI Remodeling Nightmare Quiz 
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