One of the best ways to increase the value of your Beckley WV Real Estate or Southern WV Real Estate is to remodel your home and keep it up to date. As we always say in the Beckley WV real estate business, as well as around the US, kitchens and baths help make the sale especially if they are fantastically done.
But before you go hog wild spending a fortune to that update that new kitchen or bathroom it pays to first think about what needs to be done, what you want done, and ultimately if you plan to move anytime soon, what the potential cost is versus the return. The last thing you want to do is to sink a fortune into your Beckley, Crab Orchard, Ghent, Daniels, Flat Top Lake, or Glade Springs home only to not be able to recoup the investment and lose money.
It pays to plan smart. Our 5 quick tips for remodeling your Beckley WV Real Estate are designed to help you make the best decisions possible and protect your investment.
1> Contact A Realtor And Get Comps – one of the first things you should do is contact a Realtor, such as me Betty J. Moore, to provide you a FREE Comparative Market Analysis (CMA) for your Beckley WV area home. The CMA will arm you with data from with homes that are for sale and have sold in your area. It will provide you with a current valuation for what your Realtor would recommend listing your home for should you decide to sell it in its current condition. Be sure to discuss with your Realtor any planned upgrades that you would like to make, the cost of any planned updates, and what effect they would have on your price should you decide to sell in the current market.
You need to make sure the updates do not exceed the marketability of the Beckley WV area in which your home is located. Say for instance you paid $250,000 for a home and other homes in your area, that already have the updates you plan to make are selling for $275,000, then you would ideally like to keep your budget under $25,000 to make sure you do not end up with a home you cannot sell or worse have to take a loss on to do so.
Obviously market conditions change and you have to weigh how long you plan to stay in the home and your enjoyment as determining factors whether or not to exceed the marketable price on the home. Should you plan to live in the home the rest of your life, then you should spend whatever you feel comfortable spending to make the home one you would want to stay in that long. But if you plan to move in 3 to 5 years or less, it is best to follow the CMA as your guide to making sure your home can sell and at a profit in the future.
2> Do Not Ignore Needs For Wants – If your home is in bad need of a roof and you ignore that and put your money into a new bedroom or basement, then you need to re-evaluate and make sure you address any critical issues first, then budget for your wants and implement them as warranted.
3> Know The Return On Investment And Spend Wisely – For 2014 according to Realtor Magazine and the National Association of Realtors, the best return on investment for WV homeowners to make is a major kitchen remodel. The average cost of a major kitchen remodel was $52,588 with an average return on investment of $60,000 or 114.1%. Minor Kitchen Remodels in comparison had an average cost of $17,914 with a return on investment of $11,500 or just 64.2%. In fact for 2014, no other remodel project offered a positive return on those homeowners surveyed. But does that mean you should not invest in a re-model? Absolutely not, on the contrary, remodels are often about updating a home to bring it in line with current desired standards and can positively affect the sale ability of your Beckley WV home. For more information on different projects and their current return on investment check out this link – http://www.remodeling.hw.net/cost-vs-value/2014/south-atlantic/charleston-wv/.
4> Hire Licensed Bonded Contractors – So you have decided to move forward with your project(s) and some of the items are going to require you to sub out parts or the entire job to a contractor or contractors. I cannot stress this enough to make sure you check references, make sure the contractor or contractors are licensed and bonded as well as carry proper insurance.
The landscape of home remodeling projects is littered with heart breaking stories. One only has to look at HGTV and Mike Holmes or other shows for evidence of remodeling projects gone wrong by less than honorable contractors. Don’t let this happen to you make sure to get references, check them and verify licensing and insurance requirements for the state making sure any contractor you hire has everything in order.
Never ever pay 100% of any work in advance, reputable contractors that you have checked out will typically ask for half up front and half on completion. If you have done your homework, then giving them half up front should not be an issue. Finally do not pay the remaining balance until you are satisfied that the work agreed upon has been done to proper standards.
5> Get A Building Permit – A lot of people try to skip this step to save a few bucks. Less than honest contractors will advise you that getting one is not necessary. But the reality is that having a building permit and having Building Code Enforcement officers inspect your projects is your safe guard to make sure that building code standards are followed.
Most projects that go awry and end up with less than quality work or worse, work that endangers your home and family can almost always be tied to not having had a building permit and someone to inspect the work. Do not let this happen to you, protect yourself and insist on a building permit.
Following these five tips from Homes for Sale Beckley by Betty J. Moore will insure that your remodel will add value to your home without you losing money as well as make sure that the project is safely completed. If you would like a Free CMA before you start your remodel, contact me today at 304-573-4970304-573-4970 or via the contact page on this web site.
About the author: Betty J. Moore is a regionally recognized leader in Beckley WV Real Estate and Southern WV Real Estate market. Betty can be reached via the contact page on this web site or via phone at 304-573-4970304-573-4970. Betty has helped people sell their homes 55% faster1 on average compared to other homes listed elsewhere in the market through her extensive marketing and unique marketing plan for each home listed with her. She has also helped hundreds of people throughout her career find their dream home in the Beckley and Southern West Virginia real estate market. Betty was voted the number one realtor in 2012 by the readers of the Register Herald in their “Reader’s Choice Poll” and is consistently one of the top performing Realtors in the Beckley Real Estate Market year after year. “I have a passion for Real Estate and love to use my Beckley WV Real Estate marketing expertise to gain maximum exposure for your home and get it sold fast!
I service Real Estate sales in the following markets: Beckley Real Estate for Sale, Homes for Sale Beckley, Homes For Sale Beckley WV, Crab Orchard, Glade Springs Real Estate, Glade Springs Homes for Sale, Flat Top Lake Homes For Sale, Flat Top Lake Real Estate, Princeton WV Real Estate, Homes For Sale Princeton WV, and homes for sale in areas throughout southern WV.
1 Based on data from the Beckley Board of Realtors for January 30th 2013 to January 30th 2014 for homes listed and sold by Betty J. Moore versus all homes listed and sold for the same period for all areas. Average days on the market (DOM) for this period for all real estate sold was 180.3 days versus an average 80 days for the real estate listed by me and sold for the same period. Your results may vary based on many factors and are not guaranteed to be the same.