The renovation reality shows on the HGTV and DIY networks provide endless entertainment and enlightenment around the home improvement process. In the span of a 30- or 60- minute show, you can watch an entire home improvement project unfold from planning and design to implementation and completion. Often times the transformation appears amazing and the end result motivates our own inner-handyman into home-improvement mode.
But, regardless of the size and scope, which of those projects are actually worthwhile from a value perspective?
Is it worth it?
The 2014 Cost vs Value Report provides excellent information about which home improvement projects tend to bring the most return-on-investment to homeowners. The report highlights national, regional and local statistics, and it may be a valuable tool for homeowners looking to renovate for minimum cost and maximum value.
Buyers currently in the Denver market appreciate updated kitchens and baths, hardwood flooring and new windows. When presented with two homes similar in style, one with these projects completed and the other which needs these types of improvements, buyers will generally choose - and justify a higher price for - the renovated house because the projects are already finished and the value is more evident.
Whether you plan to renovate for your own enjoyment of the project and/or resale value, it’s important to understand your specific neighborhood market and make design and finish choices based on the value your neighborhood will support.
Should you do it?
If you’re considering a renovation project and would like to know the current value of your home, it would be my pleasure to analyze your neighborhood market for you and help you make informed decisions. And, as always, if you know of someone looking to get into the market, please feel free to pass along my name. It would be my pleasure to help if I can!
Renee Cohen is a Colorado Realtor with a passion for helping her clients find their dream homes in the challenging Denver market. She loves educating her clients about the market, advocating on their behalf, and helping them make informed decisions. Reputable. Reliable. Remarkable. Real Estate. Contact Renee to assist you with your real estate needs!