Broker’s Perspective – Love it or List it?

Windermere Stanwood-Camano Real Estate Brokers are deeply connected to the issues that face local home-buyers and sellers. In this series of blogs, The Broker’s Perspective, Windermere Stanwood-Camano Brokers provide insight into current Real Estate market trends and topics.

This week we take a look at the popular topic of “Should I move or remodel?” Nancy McClure, a broker from our Camano Island office gives us her perspective on this hot topic.

Original Windermere blog;  Should I Move Or Remodel?

Windermere Broker Nancy McClure gives us her perspective –

Windermere Broker, Nancy McClure

What are the most important factors to consider when trying to make the decision to move or remodel?  

Most decisions with Real Estate ultimately come down to decisions based on Cost or Location.   If you are located in Seattle and accept a job in Spokane, most likely you will move instead of remodeling, basing the decision on your location.

If you love the neighborhood you live in, but would like an updated home, remodeling or moving is generally considered based upon the cost.

If you are looking at remodeling with the intent to move,  the remodeling decisions are usually based upon remodeling costs vs. possible returns.

What home renovation projects deliver the best return on investment?

Paint!  Something this small can make a big difference and does not cost a ton.   When you start tearing things apart and renovating large parts of the home, it can be challenging to recoup your investment dollar for dollar.   However, this is probably not the case with a “fixer – upper” that is purchased at a lower price point.  Fixer upper homes generally have more flexibility on larger renovation projects based on the fact that these homes are purchased with the intent to remodel and sell.  In the case of a fixer-upper,  here are a few things that can add good value to the home,

Remodeling the kitchen and bathroom – Kitchen remodels can change the entire feel of a home.  If the kitchen is outdated there is a good chance the bathroom is too!

Adding a bedroom – This can be done by finishing basements and attics or putting a closet in a spare room and can definitely raise the value of the home.

Replacing doors and windows, installing new heating or cooling systems – Energy efficient homes are in demand.

Adding a deck or putting on a new roof – These are just a sample of some exterior projects that will give you an immediately improved look and a higher home value.

Other projects that may add value include replacing siding, adding a garage or carport, repairing front porch, landscaping and resurfacing the driveway.

Could your renovations possibly decrease the sale price of your home?

It sure could.  When making the decision to remodel with the intent to sell the home it is important to choose timeless, classic details.  Choosing a color that is not popular, or a layout that is not functional could definitely be detrimental.   Contractors, Interior Designers, and Real Estate professionals can help you with the most sought after details in homes today.

Do we have good resources in our local Stanwood – Camano area such as custom builders, licensed contractors, and interior designers?

We do. Both of the Windermere offices have information on local resources. Also, our brokers are deeply connected to the community, so many have personal connections with contractors, builders and much more.  Stop by and we’ll give you a referral, or two!

Any parting tips you may want to leave us with?

If you end up selling, don’t forget curb appeal!  Homes that have great curb appeal tend to sell quicker and generally for a better price.

Remodeling a home isn’t quite as easy as HGTV makes it look!  Start with a good support network, know when to hire a professional, do your research and don’t forget to ask your contractors for references before hiring them!  And then go have some fun!