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Home Ideas
5 high-ROI upgrades homebuyers will love
Before your clients spring for a home makeover, it pays to know which ones result in the highest return on investment. So, here are a few projects worth investing time and money in.
Before your clients spring for a home makeover, it pays to know which ones result in the highest return on investment. So, here are a few projects worth investing time and money in.
Last year, house flipping was on the rise, reaching its highest point since 2006. And although flipping rates dipped in 2020, “profits and profit margins increased” in the second quarter, according to an Inman article.
Of course, investing in fixer-uppers is tricky. That’s why it pays to know what upgrades have the best return on investment (ROI) before making any moves.
Although statistics vary by region and survey, here are the top five projects with the highest ROI.
1. Installing hardwood floors
According to the National Association of Realtors (NAR), the average ROI is 106 percent for new floors and 100 percent for refinishing. All to say, having good, solid flooring can really boost the appeal of a home and make it more attractive for future homebuyers.
When it comes to choosing the type of flooring, both solid hardwood and engineered wood will yield a favorable ROI. It comes down to what would work best for your clients’ location and climate. According to Home Flooring Pros, homesellers should go for “engineered wood for humid locations, engineered or solid hardwood for dry climates.”
If your clients want to refinish their old hardwood flooring, it’s always best to pursue this while it’s still in good condition. Encourage them not to wait until the flooring is heavily damaged.
2. Remodeling the kitchen
The kitchen has always been a treasured space within a home — and it’s an even more important now that the pandemic has caused more families to stay indoors, cook and congregate there. So, any updates a homeseller makes here always pays off.
However, advise your clients not to go overboard with their makeover. A minor kitchen update can yield an average of 98.5 percent ROI, according to FortuneBuilders. Plus, having a kitchen that looks fancier, cleaner and more modern than the rest of the house (or even the neighborhood) can also make it look out of place.
Also, homesellers should consider installing new stainless steel or copper appliances. In a recent HomeLight survey, top agents said “buyers are about 50 percent more likely to put an offer on a house with stainless steel appliances than a house without them.”
3. Bathroom addition
We’ve already discussed one of the most integral rooms in a house, and the second is, of course, the bathroom. According to HGTV, “Springing for a kitchen or bath remodel is a sure-fire investment, often returning more than 100 percent of the cost.”
That’s why homesellers should think about remodeling their bathrooms. Even a minor remodel (which returns an average of 102 percent) — like, springing for a rain shower, upgrading the lighting and swapping out the vanity — is something homebuyers are very likely to appreciate.
4. Sprucing up the landscaping
Since the onset of the coronavirus, more and more homeowners have been rolling up their sleeves and sprucing up their landscape — all in an effort to boost their homes’ curb appeal.
Creative landscaping not only increases the aesthetic appeal of a home, it also increases its chances of sale. NAR’s 2018 Remodeling Impact Survey Outdoors listed “landscape maintenance” and “upgrade” as two of the highest ROI projects (100 percent and 83 percent respectively).
Landscape maintenance translates to a mowed lawn, neatly pruned shrubs and other outdoor features. An “upgrade” includes things like installing a natural flagstone walkway, adding stone planters or planting a handful of flowering shrubs and mature trees.
5. Upgrading the roofing
According to the 2019 Remodeling Impact Report from NAR, new roofing can recover 107 percent on average. As far as exterior projects go, Realtors ranked the appeal of new roofing to a homebuyer as the highest on the list. Not to mention, 33 percent of them said “the project helped close a sale.”
Real estate professionals are networkers by trade, developing relationships over the years with all sorts of business owners and service providers. Brokerages are increasingly providing “concierge” services to help sellers make nonstructural upgrades prior to sale.
Oftentimes, the brokerage will cover the cost of the repairs to be repaid when escrow closes or when the listing expires, whichever comes first. This is something homesellers should consider.
SOURCE: Inman
One of the most extraordinary views in Magnolia on the market!
Call me crazy but I think that this is a great time to post a listing. What better things do luxury buyers have to do than troll the internet for scrumptious properties for when we are released from our required “staycation”?
3727 W Barrett is a beauty. I listed it a few weeks ago but took it off of the market for a needed refresh.
We always had one of the best views in the city and one of the best locations so here it is transformed for the way we all want to live—now.
Gorgeous, neutral carpeting was installed over 3 floors (yes, hardwoods remain), all new cream white paint coats the walls, a hex tile now adorns the floor of the master bathroom which is almost Belltown condo sized . Wallpaper has been removed, new lighting graces the vaulted entry and baths and the staging…How do I say it is beyond sexy but warm? Chantel at Experience Design made it look ready for a family to move right in.
This home is large but scaled for everyone to have a special space. A full floor master suite with sitting room, office or meditation/yoga room , spa bath and his and her closets so big that you don’t have to relocate your off season clothing.
The main floor is made for entertaining with spaces that flow from the formal living room into the dining area, kitchen and enormous great room. Two pantries, bath, laundry and guest suite also occupy this level. Need I forget to mention the exceedingly rare 3 car garage?
The lower floor is made for kids, guest and wine! 3 bedrooms, family room, baths and a 400-bottle wine cellar complete with tasting room. Let the party begin!
But what about the views? Located on a quiet corner at the highest point in the city (water tower is a block away) and former location of the residence of iconic restaurateur, Ivar Hagland, this is a view that rivals any in our picturesque city. From its lofty perch, vistas sweep from the Olympic Mountains to the Cascades over Puget Sound with Mt Rainier and downtown front and center. Sparkling sunsets and glittering nighttime panoramas with ever changing marine traffic enchant.
Don’t like traffic? No worries. In ten minutes by car and a few more by bus, you are at Seattle Center, downtown, South Lake Union or the Stadiums. Expedia is a bike ride close as is Discovery Park if hiking is more to your liking.
3727 West Barratt has the neighborhood feel of suburbia but a mere few blocks to Magnolia Village, where you can find everything your heart desires without racing into the city. Every tradesperson will call you by name in a matter of weeks. It’s that kind of place.
So while we are in lockdown, check out these photos and the virtual tour and bring up your pent up demand for a private showing once we resurface.
I will be waiting.
Chris
Home Sweet Home?
By Chris Doucet
If you have been sheltering in place, as recommended by the governor and the CDC, you are probably getting cabin fever like me. Being corralled is not something we wanted or anticipated but here we are…
To look at it on the bright side, being sequestered in close quarters with family members does allow us an opportunity to evaluate where we live and how we live when we really need to live in our space.
This virus may require us to work from home and create an office space rather than juggling a laptop on the sofa; to give kids a place to play, study and create; a kitchen appropriate to preparing meals rather than dishing takeout; an outdoor space for fresh air or maybe something that you weren’t missing in your home until now.
This is the perfect time to make a nest that does serve your family or evaluate whether to find a different home that will work better as we venture into a new reality.
Many families have downsized. Parents working outside the home, kids with multiple after school events, workouts at the gym—busy lives—has allowed us to live in smaller homes.
Is it a time to rethink?
➟ If your abode is adequately sized but not properly configured or if the décor is not dialed in, how do you envision it for the future?
➟ Decluttering, hanging art, repositioning furniture may do the trick or, perhaps, a remodel is required.
➟ Consider making updates that you have delayed or maybe never contemplated until now.
➟ With low interest rates and markets in turmoil, investment in a tangible asset makes eminent sense. Everyone needs a place to live and thrive.
If you are in lockdown, use this time to shop for properties online or get some design ideas from Houzz or other creative online sites. Smart agents will have listings with great photos, video tours or virtual showings without leaving home.
This is the time to rethink how we are living and living well in a changed world.
Tidying Up
Tidying Up
As much as I admire Marie Kondo’s approach to living lean, I tend to want to hold on to things rather than items “of the moment”. I have classic clothes from the 1980s that are back in style and, luckily, still fit and am glad that I kept.
Recently, my husband and I used the excuse of getting new carpeting for our lower level to purge lots of items, however. Moving to a new home is also the perfect time to declutter but often there are too many other details to address and unused things just get boxed and moved—never to be opened again.
My clients and I have found a few resources that have worked well.
Getting rid of Junk
Rid of It did a great job recently to remove a garage full of items for a client just before closing. They were on time, efficient and professional. I will use them again. This is for things that have no real usable value for donation.
Got to Go is another resource but I haven’t used them.
Furniture Consignments
A few of the old standbys (Estate Interiors and Consign Desgin) have closed up shop but my favorite, with the largest floor space in Seattle is Bell )’Occhio on Elliot in Interbay. They used to sell more traditional pieces but also have modern and mid century.
Donating
In addition to the usual Goodwill and Salvation Army, I have a new favorite for Women’s items recommended by a good friend, Simple and Just is a non-profit that sells lightly used donated clothing, shoes and accessories to benefit women and children who have experienced sexual exploitation. It makes me feel good to know that those designer items that no longer fit my lifestyle will find a new home with a buyer and the proceeds will go to a worthy cause that is local. Address for Simple and Just is 2213 Queen Anne Ave N 206.350.3390.
Online selling
The RealReal is my go to for selling (not donating) high-end clothing, shoes and jewelry.
Local online selling
Two clients have recently had great luck with Offer Up when Craigslist and Next Door got no results. Both clients had lovely, high end furniture items to sell and were happy with the results.