Anyone paying attention to real estate knows, the market in the Anne Arundel County area has been strong over the past few years. Even in these challenging times the market is still hot, but some homes aren’t selling while others are receiving multiple offers and are gone in days. If you’re a seller, you may be wondering, “What’s the difference between the homes that are selling and the ones that are stalled?” We get it - it can be confusing!
As realtors and contractors at The Irby and Ecton Group of Long and Foster | Christie's International Real Estate, we often get this critical question, “What renovations should I make before selling my house and when?” The current market illustrates our most common responses to that question perfectly. First, people will pay for updates that are functional, timely and improve the use of space. Additionally, updates are meant to be enjoyed as well as garner a higher price when you sell your home.
Resources like the Hanley Wood: Remodeling 2020 Cost Vs. Value Report (www.costvsvalue.com) can provide information on home projects that return the most money upon resale. For example, a mid-range bath remodel costs $19,680 and recaptures 66% upon resale; a minor kitchen remodel costs $22,125 and recaptures only 76% upon resale. The main takeaway here is that none of these individual renovations pay for themselves when the property is sold. There are two key components to keep in mind when interpreting this information:
- Many homeowners renovate not only for resale value but to enjoy an updated space which is not considered in the report’s analysis. The added benefit is that a renovated space which can improve quality of life now, will also increase a home’s sale price and attract buyers who do not wish to take on such a renovation.
- If a homeowner is making renovations specifically to maximize the sale price, only a strategic combination of projects will have the combined effect of creating a positive ROI (Return On Investment).
What renovations will make a home seem more fully updated or turnkey? The answer is typically kitchen and bathrooms, but this is a generalization, as all homes show differently. Kitchens and baths seem to be the most daunting renovations, but they have the largest impact on making a home feel newer, more appealing, efficient, and functional. Other key renovations would be new paint and flooring, but if a home is well-maintained despite being a bit outdated, this may be unnecessary. There may also be very minor changes that could make a big impact like replacing cabinet pulls, doorknobs and hardware, or only repainting the trim. And there are, of course, cases in which no renovations would be necessary and all that is required to maximize the existing value is a strategically de-cluttered and well-staged home.
The Irby and Ecton Group’s specialty is helping sellers and buyers create immediate value in their homes. What truly sets us apart from other agents is that we don’t have to refer our clients to contractors, we ARE the contractors and have more than a decade of experience operating Irby Homes (reviews on Houzz) We KNOW the Anne Arundel County market and understand the relationship between sale price and the condition of the home. What's more, in most circumstances sellers will be able to pay for the renovations out of the proceeds from the sale.
Our goal is to increase your bottom line by showing you when to save your money and when to spend strategically. We invite you to take advantage of the knowledge, expertise, and consolidated services of The Irby and Ecton Group for both your real estate and your renovation needs.
Contact Us: 410-896-1070 Info@irbyandectongroup.com www.irbyandectongroup.com To read Irby Homes reviews from past clients, visit their page on Houzz.
- Ben Irby of The Irby and Ecton Group and Irby Homes is a licensed and insured General Contractor and Realtor who has renovated and sold homes for over 10 years and has been able to advise sellers and buyers alike of the cost and value of remodeling projects.
- Jennifer Irby, MS and Realtor, stays abreast of design trends and industry insights.
- Drew Ecton, MBA, former Navy SEAL and Realtor, brings data analytics and a robust research capability to ensure clients are maximizing their investments.
Together they make a perfect team for anyone who is eager to make a move but feels overwhelmed by the prospect of renovating, selling, or purchasing a home.
Disclosure: Irby Homes LLC is not affiliated with Long and Foster | Christie’s International Real Estate. Long and Foster | Christie’s International Real Estate does not endorse Irby Homes LLC. The Irby and Ecton Group members are Independent Contractors for Long and Foster | Christie’s International Real Estate. Members of the Irby and Ecton Group have ownership and operational roles at Irby Homes LLC. 320 6th St, Annapolis, MD 21403 • (410) 260-2800 • drew.ecton@lnf.com
