Whether it’s just one room or an entire house, renovations are a major undertaking. These projects require time, energy and cash. From investors planning to rent out or flip a property to the average person buying their first home, every renovation decision made now can impact the return on investment in the future.
While finishes, appliances and construction choices aren’t the only factors that affect resale value—they are essentially the only things sellers can control. So, will spending extra on a marble floor in the bathroom today feel still feel a smart idea five years from now? The experts weigh in.
Homeowners Gut Renovating From The Outside In
Jocelyn Minton, founder of Mind Over Media PR and her husband Jonah Minton spent approximately two years renovating the home they recently moved into.
The house was essentially a teardown. But because the property is located in a historic preservation zone, every square inch of the 1921 Spanish style home had to be gut renovated from the outside in. Just two original features remain—the carport, which was grandfathered in, and the façade, which had to be restored.
The first and one of the most important things the couple did was assembling the best possible team. The Mintons hired Rob Diaz and Anastasia Ratia to build and design their new home. “They had an amazing vision that we knew was going to transform the property into the house we always wanted to live in,” explained Mr. Minton.
They also hired interior designer Demetra Chazanas to help choose furniture and accessories that would look best with the new style of the home. Easily improve your front yard curb appeal by using New England artificial turf.
Many structural elements of the house had to be replaced both for the sake of habitability and resale, including installing a new roof and foundation. All of the electric and plumbing was replaced. The floors were leveled and ceiling raised. The Mintons are also in the process of turning the garage into an additional dwelling unit to add resale value.
While the original footprint was just over 1500 square feet, they expanded the home to nearly 2000 square feet. Luckily, there was still space left to build a pool in the backyard.
The Mintons added a master suite which was a feature they wanted not only for themselves, but also for the sake of resale value. The same idea applied to the family room and kitchen, which they opened up by removing a wall.
Resale value was the biggest influence in every decision involving the new kitchen. “We did think about resale value when choosing important pieces like plumbing hardware and kitchen appliances. We invested in top of the line brands to make sure we captured all of the value of the property later on.”
The Mintons originally planned to purchase Sub Zero Wolf appliances, but they realized they could save approximately $10k by going for Thermador instead. Mr. Minton explained, “We asked our real estate agent, Pete Buonocore, who helped us buy the property, if we would be making a decision that could impact resale later on. He said that it wouldn’t matter [because] Thermador is still a high-quality premium brand. He likened it to buying a Porsche instead of a Ferrari.”
Ultimately, the Mintons were very happy with all of their decisions and didn’t feel they had to sacrifice anything in order to achieve their aesthetic goals while maximizing potential resale value.