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19 SEP

7 +/- for Home Improvement / Impact Glass

By Jeff Echo

OMG!!! I Love the 3rd bedroom. And the garage is sooo spacious.  Plus, a brand-new AC.  I know the kitchen is dark and it is a choppy floor plan with 8-foot ceilings and views and noises of the turnpike. But like I said that 3rd bedroom is just so delicious!!!

In 20 years of business and over 1,000 homes sold, I have never heard the above.  People buy open floor plans, lots of light, the newest kitchens, and baths. And most importantly, the VIEW.

So, what improvements give you a positive ROI (return on investment) and which ones should you avoid?  Read more to see 7 items that give you a positive ROI and 7 items that will give you a negative ROI.

And since it’s hurricane season and we are spending more time in our home, what is the return on Impact Glass?  On this episode of Real Estate Roundtable Live, we interview my longtime friend, Emilio Pages, Vice President of Window Professionals who has been in business for 25 years, long before impact glass was used commonly. 10 years ago, the return on Impact Glass would be more in line with that 3rd bedroom.  Today with savings on insurance, newer home impact glass competition with resales and stress cost, this is starting to fit into the positive ROI category….

Watch Our Real Estate Roundtable LIVE to learn more.

7 Positive ROI’s that give you the best ROI

  1. Open and remodeled kitchen. BIG islands, white cabinets, Quartz counters. Stainless is still in. Show some style with high end exhausts or wine coolers.  I’d add more storage space and counter space since Covid.

 

  1. Master Bath. Spend what you would like to. People want them and buy them.  Keep it light and airy. People love open showers with butted glass, separate water closets and lots of space in-between.

 

  1. Volume ceilings

 

  1. Study’s with separate and “quiet” spacing from the rest of the house. This has become critical since Covid.

 

  1. Swimming pools, backyard space. Not just since Covid where people are spending more time in their home but for pets. 67% of homeowners have a pet. That is up from 56% since 1988. Boomers and Millennials are the groups that have the highest ownership of the estimated 90 million dogs in the United States.  That means a lot more demand for backyard space.

 

  1. Landscaping. It’s expensive but you create emotional views and block out unsightly things. Spend the money and enjoy it.

 

  1. Light fixtures, door handles, doorbell, etc.…. Inexpensive little updates, especially at the front entry.

 

7 Negative Investments that will give you a negative ROI

  1. Ancillary bedrooms. That 3rd bedroom and remodeled kids’ bathroom has some value but not dollar for dollar.

 

  1. Wallpaper. It costs a lot to take out and peels. It might actually be a negative ROI.  If you do it one spot, a powder room is the place to have your fun.

 

  1. Practical Things. Air Conditioning Units, Water Heater, Washer, Dryer. 50% on the dollar at best. Buyers should absolutely care about these items because costs to them are real, but the shiny objects are what they buy.

 

  1. *Roof. I put an * by this one because sometimes you have to do it you are in a neighborhood where the majority of Buyers need to get it because they are getting a loan.  This only comes into effect when the roof is on its last legs. I listed and sold a home for a friend of mine a year ago with a 20-year-old roof. It passed inspection. 5 homes around it have started the process of roof replacement. I figure they netted an extra $35,000 which would not have happened a year later. This is the most serious +/- a Seller and Buyer should be paying attention to and do not.  Read our Sellers Guide whether you are a buying, selling, or not. You should know what it costs to hold a home and be aware of the approximately 2% cost a year you should set aside for things like roof replacement or style changes.

 

  1. California Closets. There is a reason builders never put money in closets.

 

  1. Window treatments. See # 5.

 

  1. The garage. Keep it neat and practical. You will get some value out of it but not 100%

 

Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.

Feel free to ask him a question directly at jeff@EchoFineProperties.com.

Posted in About Echo, Local Services, Real Estate, Uncategorized, Videos on September 19, 2020 at 6:30 am.

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