It's not a secret that renovating your home when getting ready to sell is a great idea. As an appraiser in the Port Charlotte area, I see this all the time. Renovations such as painting will make your home look nice and entice buyers to look inside but did you know painting can be the #1 most cost effective way to increase your homes value. However, you shouldn’t just stop there. If you are trying to increase the value of your home, there are several different renovations that you can consider.
Always remember that if you decide to renovate you need to do a cost analysis to make sure that the cost of the renovation won’t outweigh the added value to the property. Another important consideration you need to keep in mind when remodeling in Florida is “the 50% rule”. When you decide to renovate your home you need to make sure that you are not in a flood zone first.
FEMA (the Federal Emergency Management Agency) has strict rules when it comes to flood zones in Florida. This does not mean that you can not renovate or add additions to your home. This simply means that you need to do your research first. The dreaded 50% rule can be difficult to understand so we’ll break it down very simply for you.
Basically if you live in a flood zone your home must be above the 100-year flood elevation level to do any renovations or additions without nearly as much concern (following local building codes/requirements, of course). If your property is below the 100-year flood elevation level you can still renovate your home, however, the renovations can not cost more than 50% of what your homes current value is.
For example, if your home/improvements, without the land, are currently worth $400,000 then any renovations you make will have to remain below a cost of $200,000. The county will be looking at their assessed value of these improvements, which is most often very different from actual value. If you are located in a flood zone you will need to have an appraisal done on your home/improvements in order to support the actual value. RE Appraisal Associates can help give you the most accurate valuation of your home and in the quickest amount of time so that you can get back to renovating and possibly selling your home!
Southwest Florida Curb Appeal:
Curb appeal is very important. Being able to repaint your home especially if the paint is cracking or peeling can really get buyers interested in your property. But why stop there? Considering changing the siding to stucco can really catch a buyer's eye and will most likely add value to your home. Before deciding to do this remember to do a cost analysis first.
You can also fill in cracks or chips in your driveway or have decorative coating added, as well as adding some landscaping. These are among the best ways to increase curb appeal, along with adding a nice new paver brick patio with some beautifully arranged furniture.
Replacing the roof is a big job, but will also draw buyers in. Buyers don’t want to buy a new home just to start their own roofing project as soon as they move in. Taking care of such a big project will quickly lure buyers in knowing that they will not need to repair or purchase a new roof for a long while.
Metal roofs are always a great option even though they do not fit the standard when it comes to coastal living. Typically people are used to seeing clay and tile roofing however, metal roofing is much quicker and easier to instal and offers many benefits. Metal roofing is recyclable, resistant to water damage and salt spray, as well as incredibly energy efficient, and resistant to hurricane strength winds.
If you are opposed to metal roofing as an option you could always stick with clay and tile or you could opt for a Decra roof which is stone coated metal. You will receive all of the benefits of a metal roof while maintaining the appearance of clay and tile.
Updating Your Southwest Florida Kitchen:
Everyone knows that the heart of your home is the kitchen. It’s where families gather to share laughs and socialize while snacking on great food or drinking their favorite wine. So if your getting ready to sell your home but your kitchen decor is starting to look a bit drab or has suffered normal wear and tear, a remodel is the best way to get buyers interested.
Updating the kitchen appliances such as the fridge, dishwasher, stove/oven, and the microwave is definitely a great way to lure in buyers. You can also update your kitchen by retiling the floors. Stone or tile is always the best option for a high traffic area of the home such as the kitchen. You could also put in a new countertop, or look into having an island added if the kitchen space is big enough.
Aside from the kitchen, bathrooms are one of the most important rooms in the house. When buyers are looking for a home bathrooms are always one of the items right at the top of the list. And if your bathroom is looking worse for wear then it’s probably time to consider renovation.
Updating things like the shower/bath and replacing old tile are great ways to make your bathroom look brand new. Find a style that is currently popular not only in general but also within your area and try to implement that in your bathroom renovation.
This show buyers that you are serious about selling and that your home is worth their money. Remember to do a cost analysis before you begin renovations. And always remember to implement your style with class. If you decide to go with a beach theme in the bathroom do not just hang shells everywhere and buy hand towels with shells, and a shower curtain with shells, and have shell shaped soaps.
You need to have a specific style in mind but the implementation of the style you choose is just as important. You want buyers to not only see how beautiful you have made the home, you want them to see what they can create and imagine that home to be. The moment that a buyer can start to envision their dream home being your home is the moment they are sold.