The Impact of Renovations on Home Prices
Renovations significantly impact the price of homes in Georgia, much like they do in any other state. Whether you’re planning to sell your home or simply want to maintain its value, renovations can play a pivotal role.
- Increased Home Value: The primary impact of renovations is an increase in the home’s value. Some projects’ return on investment can be quite significant. For instance, according to a report from the National Association of Realtors, a complete kitchen remodel can recover more than 62% of its cost upon resale.
- Improved Marketability: Renovations can also enhance the attractiveness of the property, making it easier to sell. Today’s home buyers often seek move-in ready properties that require little to no work. Up-to-date kitchens, bathrooms and master suites are key selling points.
- Energy Efficiency: Adding energy-efficient upgrades to a home can create financial incentives for buyers, leading to higher home prices. Upgrades like Energy Star appliances, new windows, and added insulation are all beneficial in Georgia’s warm climate.
- Less Time on Market: Homes in good or excellent condition tend to sell more quickly, minimizing the amount of time that they spend on the market. Faster sales can lead to higher final sale prices as properties that languish on the market often need price reductions to attract buyers.
- Expanded Living Space: Adding square footage or making better use of existing space, like finishing a basement or an attic, can yield a high return on investment. In Georgia, outdoor living spaces like decks and patios are also popular and can result in higher resale value.
It’s important to note that not all renovations are created equal. Some projects yield higher returns on investment than others. Additionally, geographic location, market conditions, and current home desirability trends also play a role in how much value a renovation adds. Homeowners should research and carefully plan renovations to see the best return on their investment.
If you are looking for direction on what renovations make sense prior to selling, or if you simply want to sell and skip the renovations, reach out to the Homeinc team today. Our team of trusted advisors can guide you down the path that makes the most sense for you. If you are simply looking to sell without spending money on updating your property, our team can provide a competitive cash offer while purchasing your home in as-is condition. Find out more by texting or calling a Homeinc agent today at (888) 850-2636 www.homeinc.com