Americans have long invested in upgrading their homes. In 2023 alone, homeowners spent $130 billion on remodels, and by 2014, the average renovation cost was around $4,000. These upgrades often pay off in the long run with increased home values and higher resale prices.
But when faced with the decision to remodel or sell, how do you choose? Market conditions, local trends, and the strengths of your home all play a role. Here are three things to think about before determining which path to take regarding your home:
1. Identify Areas of Strength and Weakness
No one is inside your home as much as you are, which can be both a good and a bad thing. While on one hand, you’re constantly aware of the things that work for your family within your home and things you want to improve, but on the other, you’ll never again have the first impression that a potential buyer experiences. That can leave you blind to some shortcomings and big warning signs that a buyer would recognize almost immediately.
Regardless of the age of some of your rooms or appliances, certain areas of your home are always more beneficial to upgrade above others.
- Kitchens, master bathrooms, and outdoor remodels are some of the biggest financial boosts to a home’s final resale price
- Even if your kitchen is only a few years old, remodeling once more to bring the room up to cutting-edge status will help when it’s time to put it on the market.
—> Check Our Interior Renovation Projects
2. Avoid Frivolous Upgrades
Nothing turns buyers away from a beautiful, high-value home faster than a higher price tag for luxuries they don’t need.
- Avoid exorbitant, lavish upgrades. Don’t get distracted by the draw of “connected” homes, private spas, or basement bowling alleys.
- Focus on the core aspects of your home and making it as comfortable and functional as possible will impress most buyers more than flashy, expensive upgrades.
- If you’re hoping for a much higher closing price, it may be worth investing in marble or granite features on your countertops or flooring to justify a higher asking price. While it will segment your potential buyers pool, it’ll help attract the high-end segment, but that could also extend the time your home is on the market.
3. Monitor Local Trends and Market Conditions
As with any market, you’ll need to closely follow and speak with industry professionals before you put your home on the market. Depending on your area, there may be better times of the year to place your home on the market and close the deal itself.
In addition, identifying area-specific home trends will help make your home more attractive in the short-term. Water features, natural elements, and sustainable aspects of your home will draw a higher sale price in progressive, rainy areas like Seattle, for instance.
Capitalizing on what your friends and neighbors are doing and upgrading your home accordingly will garner a higher price tag than others.
Work With Local Remodel Contractors in Seattle
f you decide remodeling is the smarter choice, work with trusted professionals. At Vertical Construction Group, our team of bathroom remodel experts and local remodel contractors specializes in creating functional, beautiful spaces that increase your home’s long-term value.
As experienced general contractors in Seattle, we combine design expertise with skilled craftsmanship to deliver remodels that make financial and lifestyle sense. With hundreds of beautiful projects under our belts, our team of experts can help you envision, plan, and execute a stunning home remodel or construction to add value and functionality to your home.
Contact us today to discuss your plans!
