Real Estate June 7, 2016

Renovations that pay off

Recent attractive interest rates on refinancing have allowed many homeowners affordable funds they’ve needed to update their homes. Currently a higher number of homes in Santa Barbara are undergoing remodeling than in years past. There can be many different motivations for upgrading a home, including the desire to create more equity or to sell in the not too distant future. If return on investment is the main motivation then there are some general guidelines and current style trends that are proving to benefit homeowners more than others.

As pointed out by the HGTV, “keeping the existing structure sound” should be every homeowner’s first priority. To read the full article click here. Taking care of deferred maintenance first makes sense, especially when selling. Functional problems in a home are a big buyer turn off and more often than not compromise a seller’s negotiation position.

The fun really begins after any maintenance issues are taken care of. Large surface upgrades typically make the biggest impact with regard to dollars spent. Painting tops the list, with flooring coming in a close second. New landscaping, fencing and reroofing (if needed) are also priority items, especially in the Santa Barbara area where outdoor living is enjoyed year round.

In life sometimes it’s the little things that matter the most. CNBC and Zillow have run the numbers on several design and detail oriented remodel options that pay off when it comes to increasing the value of your home. In order of most return for the buck are barn doors, shaker cabinets, farmhouse sinks, subway tiling, quartz countertops, exposed brick, stainless steel appliances, and granite countertops. Calculated return on investment amounts for each can be seen here.

Renovations that pay off

For more specific remodeling ideas and considerations that may factor into the value of your new or existing home I appreciate your inquiries!