WHAT’S YOUR REAL ESTATE RESOLUTION FOR 2025?
THE NEW YEAR SIGNALS A NEW BEGINNING.
Many of us will make a New Year’s resolution deciding to improve ourselves in one way or another. Gym memberships are one way to get healthier. Some of us will resolve to lose weight. Homeowners often have a “wish list” or a home improvement project to complete in the new year.
As Realtors, we are often asked which home improvements add the most value to a home, especially when it comes time to sell. According to a survey by Discover Home Loans, over half of homeowners would rather renovate their current home than move to a new place. This is especially true when you love the neighborhood where you live. Whiskey Creek is a good example of a sought-after location loved by its residents. Resale values tend to remain higher in desirable locations.
The survey said that exterior improvements tend to increase value better than interior improvements. They recommended a new garage door and entry door at the top of their value-per- dollar list. Kitchen and bathroom remodels were third and seventh respectively; both projects can top $25K. Also on their list were a new roof, AC, and energy-efficient and storm rated windows.
Putting money into your home is a solid investment. It can often return more than the cost to improve. But even if a home improvement project returns less than the cost, it can still be one of the most satisfying investments for a family. We spend a lot of time in our home, and we may as well enjoy it as much as possible.
Reasons to consider moving to a new home include downsizing or upsizing when the family needs change. Wanting or needing a different location is also a major reason to move. Location has long been the number one criterion when choosing a home, and for good reason. A home is not portable. It is often one of the most valuable assets in a homeowner’s portfolio. The list of things to consider when choosing a location include resale value, safety, schools, conformity, convenience, and flood elevation. It is common for a buyer to quip, “If only I could have that house in this location.”
Homeowners on a budget or those planning to sell soon are better advised to choose projects that return most of the cost quickly. These lower-cost improvements start with decluttering, cleaning, painting, new bathroom fixtures, upgraded lighting, and inexpensive kitchen refreshment including hardware or cabinet refacing or a new backsplash. Investments in closet organizers and garage improvements can also pay off well, especially in Florida where we don’t have attics and basements.
I remember an old television commercial for auto repairs that warned the car owner that they could, “Pay me now … or pay me later!” The same is true with homeownership. If you don’t keep up with repairs to your home, the deferred maintenance can cost you even more when it comes time to sell. Why not enjoy the improvements while you live there?
65.8% of Americans own a home. Statistics show that two-thirds of household wealth is held in home equity and retirement accounts. Owning real estate is one of the best means of generating and preserving wealth. This is especially true when the investment is also the home where you reside. Shelter is one of the necessities of life. However, owning a home provides satisfaction that goes beyond mere protection from the elements. Since you are reading this article in the Whiskey Creek News, chances are you are king or queen of a castle that offers more than habitation. You live in a prestigious community that is the dream of people who know Whiskey Creek by its well-built, low-density reputation. Is this the year you will improve your home and your lifestyle?
Happy New Year 2025!
If you have any questions or comments about this article or other real estate issues, please contact Bob Oxnard at [email protected].
