While many Nashville homebuyers are looking for brand new construction, others are carefully considering the current listing of resale homes. Older resale homes are often in preferred neighborhoods, with mature lots and landscaping, and interesting architectural details. Sometimes these Nashville homes have been remodeled to suit modern lifestyles, but others are still due for a renovation or two to meet their maximum potential.
While certain homebuyers want a move-in ready home, there is great appeal in a home with remodeling potential. Homeowners willing to tackle some remodeling can often find great houses for great prices in Nashville, with the added benefit of complete customization on the remodeling project. Additionally, homeowners looking to sell their Nashville homes may consider remodeling projects prior to listing, especially if it means a significantly increased asking price.
As REALTORS, we are in the unique position of seeing the results of many of these remodeling projects and how homebuyers react to them in the Nashville market. So, which remodeilng projects are worth the money? Here’s a look at the remodeling projects that bring you the most return for your dollar.
Big Remodeling Projects
Additions – One of the largest and most expensive remodeling projects is a second story addition. Finding a nice ranch style home with second story potential may be the perfect fit for a young family starting out. Initially living in the ranch while saving up for the addition is not only cost effective, but by adding square footage, homeowners are guranteed to increase the value of the home when it’s time to sell later. Not all additions are equal however, and adding a sunroom may not yield the same return on investment as adding a master suite.
Finished basements – Finishing a basement is not inexpensive, but like additions, it can increase square footage and appeal to homebuyers. Buyers are often attracted to homes with finished basements, thanks to the increased use of space for families. It’s important to point out, that while homebuyers may find it attractive, it may not add to the appraised value.
Open kitchen – Nashville homes with remodeled kitchens are generally at the top of the list for homebuyers, especially homes with a remodeled, open floor plan. These renovations often involve knocking down walls, updating the plumbing and electrical work, and hiring a reputable contractor. Homebuyers are willing to pay more for spacious kitchen, but homeonwers may not recoup the entire expense in the sale. This is a remodeling project that makes more sense for homeowners planning to stay in the house long enough to enjoy it themselves before selling.
Medium Remodeling Projects
Updated kitchens – Most homebuyers prefer an updated ktichen, but if the space is already suitable, major changes can be done without knocking down walls. By updating counters, appliances, and backsplashes an out-of-date kitchen can feel brand new. Home sellers can often recoup all of the expense for moderate kitchen remodels.
Bathroom – Bathrooms have become a big focus lately in real estate. While an expesive overhaul may not make the most sense, a modest bathroom remodel will speak volumes to homebuyers.
Wood Deck – Wood decks add immense appeal for home sellers and outdoor spaces are a huge trend these days. With more and more Nashville homebuyers looking for an outdoor area that works for family enjoyment as well as entertaining, wood decks are a great remodeling project worth the money.
Small Remodeling Projects
Front door – Replacing a front door yields big rewards for home sellers. In fact, according to Remodeling Magazine’s 2014 report, adding a new steel front door recoups almost 97% of the cost when the home sells. Another, even more inexpensive option is to paint the front door. A fresh coat of paint adds instant curb appeal.
Landscaping – Speaking of curb appeal, maximizing on landscaping also adds to the overall impression of one’s house and home sellers are smart to spend a little time and money here.
Paint – Absolutely nothing is easier than a fresh coat of neutral paint. New paint brightens up any room, and neutral colors are far less distracting for homebuyers when walking through a home for sale.
Granted, each remodeling project should be considered not only for budget, but for the home and neighborhood. Would the remodel make sense for that area or still fit with the original design of the house? A thoroughly modern kitchen in a historic log cabin may only confuse buyers later.
For sellers seeking to improve their home prior to putting it on the market, carefully consider the impact each remodeling project has on not only your budget but on your asking price. For homebuyers, consider the potential remodeling projects a home might have before you cross it off your list. With a little extra work, home improvements not only add instant appeal but many remodeling projects are worth the money later.
Are you currently considering what improvements to make prior to selling your Nashville home? Give us a call and we can discuss what really needs to be done to sell your home for top dollar.
Looking at houses in the Nashville area, with or without remodeling potential? Check the current listing here or contact our office to speak with one of our experienced Nashville REALTORS today!