Revamp, Refurbish, & Remodel To Reap The Rewards

Homeowners oftentimes wonder which remodel and home improvement projects yield the highest return. Of course, resale is always a consideration, but the beauty of home improvements is the ability to enjoy them prior to selling a home. Some standards apply across the country; others are more pertinent to the Durango area.

In Durango, we see significant remodeling and renovation in many of our older neighborhoods, including Riverview, Crestview, and the historic districts.  The values for in-town homes support the cost of major remodeling or additions, and many home owners are willing to build on to their homes to provide additional functional space.  These additions to the home often include a true master bedroom, beautiful bathrooms, larger kitchens, living rooms, storage, and garage bays.  A lot of Crestview and Riverview area homes were originally 3bed / 1bath / and a one car garage. They were built in the 1950’s and 1960’s. Converting the one car garage into a bathroom and additional living space will get a house to the coveted 3bed/2bath home while increasing your square footage at the same time. Buyers now are looking for a more open floor plan, homes in these areas also have walls sectioning the kitchen off from the rest of the house. Finding a way to open the kitchen up by knocking down a wall or putting in a bar top can make a smaller home live and feel bigger. Adding another story to these homes is also common, “Popping the Top” as is it called is a great way to add significant square footage and a master suite. Given the high demand for in-town properties, and rising values, putting $100,000 into a home in these areas to add square footage is a solid investment.

Painting is one of the most effective and least expensive improvements to a property.  Utilizing color and accent walls can make a big difference on how large the space may look, and how appealing.

Historically, kitchens and bathrooms have been the most popular remodels. According to the National Association of Home Builder’s Remodeling Market Index, the most popular remodels in 2013 were bathrooms. The Association indicates residential remodeling in single family homes will increase 2.5% this year over 2013.

Although the bathrooms and kitchens tend to be most popular, the 2014 Cost VS Value report indicates that a front door yields the most return, at 96.6% of the value spent returned. The report shows minor kitchen projects return more than bathrooms, with 82.7% back to the home. Other top national projects include decks, garage doors, and attic bedrooms. These improvements both add value to the home and create a more enjoyable living experience.

Functional obsolescence is an area to consider, especially for older homes. This concept is that some features in older homes are now obsolete. For example, our need for utilizing electrical appliances has grown over the years, so the size of electric panels, the number of outlets, and grounded outlets are now very important. Other primary items to consider for remodeling to avoid functional obsolescence include: updating the plumbing in homes, adding dishwashers, having washer/dryer hook ups, gas forced air heat, and air conditioning.  These items may affect the value and the potential for selling your home.

Landscaping, water features, and outdoor living spaces have become very popular to give us the opportunity to enjoy the great seasons we have in La Plata County.  Flagstone patios, large entertainment decks, and covered patios are popular.

As hard as it is, trimming back large trees, or even removing them can drastically change the feel and look of a home. It improves curb appeal and the amount of sunlight coming into the home instantly. Suddenly views that were blocked are back, and most importantly so is the sun. A bright sunny house will always show better than a dark shaded one.       

Please consider utilizing experts in their fields to help you plan a project.  These experts include architects, engineers, interior designers, landscape archtiects, and builders.  They can help you take your vision and make it a success.  Please don't forget to visit the folks at the building department to get a building permit, if required.

How can we help?  Your real estate broker has experience in visiting scores of homes, and may be able to give you some ideas.  More importantly, they can help you with estimated values on your completed design, based on similar comparable homes.