Is It Wise To Renovate an Emptying Nest?
Many Boomers are now living in emptying “nests” and debating whether to “downsize” or to fix issues they have always wanted to change in their homes. The home they have lived in so long needs updating and is no longer really “them”.
A new beginning for their children provides new opportunities for them to reinvent the space around them. Some would say why renovate when you will be leaving the house in the next 5-7 years? This is a good question!
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The key I believe to successfully renovate in this situation is to limit the investment to areas that always increase home value.If there are major issues with the home, and kitchen & bathroom materials in it are dated then a smart renovation will only add to the resale value, and be an intelligent investment.
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Structural repairs, upgrading Kitchens & Bathrooms & replacing worn out materials are the first place to start to remodel.
Changing market for resale:
The market has changed and houses are not selling like “hotcakes” with new government regulations in place …prices have adjusted downwards and inventory takes longer to sell. These realities make improvements to critical areas that increase the saleability of a home a good bet.
As more and more Boomers move to smaller homes there will be a lot of stock in the marketplace for the next number of years….which creates a buyers market. Desirable features built into the home will maximize your return on the money you spend on a smart remodeling project, and boost the possibility of a faster sale later. You increase the number of potential buyers as many people do not want to renovate.
Best ROI Renovations:
I am not suggesting reducing the number of bedrooms in a house or spending large amounts of money on media rooms or exercise gyms as as these makeovers will not increase your home’s value.
Kitchens & Bathrooms are the wisest place to upgrade if these are areas with problems for you. Realize that you will see a high return on your investment resolving them while creating and enjoying something you have dreamed of. .
If you love cooking & entertaining a new kitchen or expanded living/dining area would enrich your life and be a good choice for you. Updated kitchens are critical to increasing the desirability of a home for sale. Buyers, with children at home, are reluctant to go through the upheaval of a kitchen renovation as it is a major inconvenience. …….. .
Older homes often have fewer bathrooms than newer designs. If you live in one and considering fixing or adding a bathroom for your convenience this is a great idea and could easily be the reason for a potential buyer later to choose your home over another older home. Very few people can visualize the potential for a house that needs work.
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Treat yourself to relaxation at home by changing an average washroom into a “spa” bathroom which appeals to almost everyone. (and especially women who are a major part of many buying decisions)
In conversations with my clients after completing renovations (with a plan to sell in a few years) I am amazed at how many
say they simply wish they had done it sooner.
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A Real Estate agent who specializes in work with Boomer homeowners tells me this also. She advises that when upgrading is needed to sell it is best to do it sooner rather than just before leaving as “it is a shame to complete a necessary makeover for someone else to enjoy.” ( In the 5-7 year time range prior to selling is best so it is still fresh when the house is put on the market)
Two Stage Downsizing?
If you are thinking of moving to a smaller home as stage one and then a condo later ..the cost of this retirement process includes two moves, real estate & legal fees twice, and land transfer taxes twice. Consider whether a makeover can make your home comfortable enough for you to stay in longer. If upkeep is a problem for you and part of the idea for moving hiring help may solve the issue.
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There are fewer and fewer smaller homes to move to ( they are bring replaced with bigger ones) and many are very old stock that need major work to make them even comfortable. If you have done some remodeling in your home and you like your neighbourhood staying longer where you are, even if you do not need all of the space, and enjoying a further updated living space may be a better way to go than downsizing.
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The end result of your makeover will appeal more to younger buyers who will purchase your home as they have higher expectations of convenience needed in their environment than the average Boomer had when selecting a home.
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Renovating your empty nest instead of moving may be the best choice you make.
For FREE information, checklists etc.on Design, Planning & Renovation visit my resources page at www.ahomeyoulovedesigns.com. Enjoy!
Is Renovating An “Empty Nest” A Wise Idea?