I know, I know, that day could be far in the future. But hear me out. Unless this home is your forever home, you’ll want to consider your Return of Investment (ROI) when making upgrades.
Here’s a true seller story for you all (names changed, of course):
George was raring to go with getting his home listed on the market. He bought it years ago and had completed some remodeling projects here and there to make it his own space, but he was ready for a change. He contacts the Jillian Keck Hogan Group for help listing his home – smart man 😉 – and yours truly agrees to meet him at the property for a preliminary walk through. Everything is looking great, then we get to the bathrooms. In the primary bathroom, there is a beautiful stall shower courtesy of the owner’s remodeling. Seriously, gorgeous. Great! Onto the next bathroom, another stall shower. And the last bathroom in the lower level: stall shower. We asked George, “You don’t have a tub anywhere in the house?” He said “No, I took the original tub shower out of the bathroom when I remodeled it! I don’t take baths, why would I ever need a tub?”
Well for starters, I can tell you a different story with a buyer client who would only look at homes with tubs and would proceed to sit in each one during our walk throughs until she found one that fit all her needs. And outside of relaxing, there are certain folks who are only able to bathe in tubs. And lets here it for our pet owners, sometimes those tubs are the only thing that help keep their wet furry friends contained during a rinse off.
Tubs are a typical fixture in a home that you often don’t even notice when walking through a home, until you don’t have one. What George did not know to think about was the long term resale value of removing the only tub in the house and how eliminating the only tub just removed all those buyers who want/require them from being a potential buyer of the home. The less buyers = the less demand = the lower sales price. Customizing your home to fit your wants and needs is awesome (and your full right as a homeowner), but depending on how far you go, you may be putting off potential homebuyers when you eventually go to list for sale.
“How do I know which remodeling venture will give me the best Return of Investment?”
Great Question! Now, just between you and me, asking a contractor during the walkthrough what they think is both a smart decision and something to be wary of. Unless you have a good relationship with the contractor, keep in mind that they are salespeople and want to get the best return on THEIR investment, not yours. So, the contractor may suggest the full bathroom remodel with the new stall shower VS. the minor makeover while keeping the tub shower. They may not know how to advise you on resale value and ROI, but a real estate agent can. We constantly advise our friends and clients on home updates that will give them the best return on their home sale. We recommend something unique enough to stand out but also generic enough to appeal to the broadest buyer pool possible. Consulting with an experienced listing agent is your best bet. They can not only advise you on what kinds of updates can give you the best return of investment, but also can recommend quality, reputable contractors and vendors who we trust to get the job done.
(Psst, the Jillian Keck Hogan Group fits the above description, so just chat with us when you’re ready!)
Schedule a chat today at https://calendly.com/jilliankeckhogangroup.
Til’ Next Time,
Every month Jillian Keck Hogan shares local real estate insight, advice, and more. To learn more about Jillian and her team, visit jilliankeckhogan.com and follow her real estate group on Instagram @jkhogangroup_realtors. Equal Housing Opportunity.