Is Your Remodel ROI About to Hop Away?

After several minutes of working diligently to make a bunny out of MagnaTiles, my darling niece Ashlyn looked down at the long line of squares, sighed, and said, “I think I made a stream, and dat’s okay.”

I love her optimism and flexibility. It reminds me of past clients who’ve tried to make a 1-bath house, a too-long commute, or a third-floor walkup work for their family. Then after the reality of their situation became too uncomfortable, they decided that going another direction (a house with an additional bathroom, a house closer to work, or a condo with an elevator) was the solution. Did they fail? No, they changed their minds, and, as little Ashlyn would say, “Dat’s okay.

Of course, it might be possible to turn that 1-bath house into a 2-bath house. A long commute could be made more palatable by listening to podcasts or books. And, yeah, the problem of a 3rd-floor walkup apartment is a little more difficult to solve. Case in point: Last year, my niece’s roommate broke his ankle. Their charming 3rd-floor walkup became his personal prison for a couple of weeks. He’s young. He healed fast.

Many of the issues people have with their homes might be solved with some thoughtful renovation, but those decisions need to consider if the changes they are thinking of making help or hinder an eventual sale? Will they recoup the money they spent? Do they even care if they recoup it all?

Not every renovation is about all about the money, but every renovation costs money, takes time, and involves inconvenience — and possibly, regret. I’ve seen so many people go through all of that—the money, time, and inconvenience— and when all was said and done, they moved anyway.

Even if your intention is to improve the home to sell it, not every renovation project insures you will recoup that money. As a matter of fact, according to the National Association of Realtors (NAR), the only project likely to net a 100% return on your investment is a new, steel front door. Even that isn’t a slam dunk. The bright orange door you considered a hit might be a miss for a prospective buyer, most of whom make a decision about a house in the first 20 seconds.

Fortunately, our brokers here at EvoReal can help you decide whether or not a renovation, a move, or both are the best path for you. They know, for instance, that a black door is most people’s preference, and that most people can not make a bunny out of MagnaTiles no matter how old they are.