Whether you’re thinking about selling your home sooner, or eventually later, the desire to achieve the highest possible return on your investment will be ever present. Which is why some people choose to renovate and update. When done strategically, you can build some equity on your home and be able to improve a space or two in the process!
Not all renovations are created equal however, and maximizing your home’s value requires informed decisions. In this blog post, we’ll explore how researching market trends, choosing high ROI renovations, and striking the right balance can lead to a successful sale.
When it comes to renovations, context matters. To make renovation decisions that truly pay off, it’s crucial to delve into local market trends. Understanding what potential buyers are looking for can guide your renovation choices. Are modern kitchens a hot commodity in your area? Is curb appeal a top priority for prospective buyers? By aligning your renovations with the demands of the market, you increase the chances of attracting the right buyers.
Let’s look at 3-bed single family homes in Framingham, as an example. Homes with less than 2 full bathrooms have a median price of around $540K. On the other hand, homes with more than 2 bathrooms have a median price of about $600K. Of course, there are other factors involved, but with this info in mind we can say that there is incentive to add that extra half-bathroom to your home.
Not all renovations are created equal when it comes to return on investment. Let’s explore a few renovation projects that consistently deliver a high ROI:
While the allure of extensive renovations can be strong, it’s essential to strike a balance. Over-improving a property beyond the neighborhood’s price range can lead to challenges when it’s time to sell. Keep in mind that renovations should be in line with your property’s current value and the local market. By focusing on renovations that add value without pushing the property into an overpriced category, you set yourself up for success.
Maximizing your home’s value through strategic renovations is a journey that requires research, thoughtful decision-making, and an understanding of the local market. By researching market trends, selecting high ROI renovations, and finding the right balance, you can enhance your property’s appeal, attract potential buyers, and ultimately achieve the best return on your investment. Remember, each property is unique, so seeking professional guidance can be invaluable as you embark on this exciting journey.
Book an appointment with us. Reach out now for more info! Call or text Stephanie at (617) 468-7889
Book an appointment with us. Reach out now for more info! Call or text Stephanie at (617) 468-7889
The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.
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Stephanie Ford-Weems
617.468.7889
1000 Mass Ave Cambridge 02138
27 Boylston St Chestnut Hill 02467
