Monthly Value Program (MVP): Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget
- A CRM that contains your network’s contact information
- If you choose to use the Blog Post, you will need a website that allows you to create posts.
- As a Marketing Club member, the posts are uploaded automatically to your AgentID Site if you have it activated. Click on the “AgentID Site” course card in your Paperless Agent Dashboard to get started.
- A way to customize the Report, which we offer in three formats. You only need to have one of these programs to edit the Report:
- Microsoft PowerPoint
- Apple Keynote
- Adobe Acrobat Reader (it’s free!)
- A Facebook Page
- This can either be a Local Business Page or a Public Figure Page
- Review how to create a Facebook Business Page here.
- A way to send emails
- Marketing Club members get access to an email marketing tool called the Marketing Suite through their membership. Review a tutorial of how to use the Marketing Suite here.
- OPTIONAL: A LinkedIn Profile Page, an Instagram Account, a YouTube Channel
- Update email content and add blog post link
- Send to all your contacts that you have an email address for.
Download and Customize (Optional) Report:Download PDF Version Download PowerPoint (.pptx) Version Download Keynote (.key) Version
- Post the copy below to your Facebook Business or Public Figure Page. If the link preview that pops up when you add your blog post doesn’t show the image below, consider adding it as a photo to your post.
Post Content (click to copy):
If you’ve ever been through a major home remodel, you know how awful it can be. The stress, the dust, the constant stream of workers. It’s a major disruption.In fact, I work with buyers all the time who would rather move than live through it!Of course, after it’s over, most homeowners are glad they decided to remodel and love the results. But will the financial investment pay off when it comes time to sell? My latest blog post answers that question. Find out which home renovation projects offer the highest and lowest returns at resale. Them message me or comment below if you’d like a free customized analysis of your upcoming project. I can help you determine how it will impact the value of your home. [insert link to post]
- Share link from Business page to your personal profile
- Later in the month, post to your Facebook Business or Public Figure Page again using this new post copy and image.
Post Content (click to copy):
I see so many homeowners make this common mistake when it comes to home renovations.They take out a home equity loan to remodel or make an addition to their home and they expect to recoup the costs when they sell.Unfortunately, some home renovations only pay back a fraction of their cost at resale. Less than half of your investment! PLEASE friends. I don’t want to see this happen to you! Check out my latest blog post that covers six popular home renovation projects and find out which ones offer the highest and lowest returns on investment. Then call or message me before you invest in any major home improvements. I can run a free customized analysis on your project to determine how it will impact the value of your home. Let’s work together now so there are no unpleasant surprises down the road!
- Boost the Post on Business Page to the people in your sphere
- Record Video
- Find a real-life example of a high-return renovation to showcase. You can use a current listing (yours or another agent in your brokerage) or an example in your own home or friend’s home. Tip: If you showcase an example in your own home, make sure it doesn’t come across as boastful. And of course, if you showcase an example in a current listing, make sure to only say positive things!
- Talk about how and why it adds value to the home. You can find stats in this report if it’s not one of the renovations covered in the blog post: https://www.remodeling.hw.net/cost-vs-value/2019/
- Then let the viewer know they can read your blog post to find out the remodeling projects with the best and worst returns on investment. Be sure to link to the blog post in the Facebook post copy.
- Post on Business Page
- Boost the Video
- Phone Script:
This is [Your Name] at [Company]. I just wanted to say hi and see how you summer is going.
[pause for response]
That sounds like fun!
Well, I also wanted to check in to see if you’re tackling any home improvement projects this summer.
It tends to be one of the busiest times of year for remodeling, so I always like to offer free custom evaluations to my friends and clients.
It can help you assess how your investment is going to impact the value of your home.
Is that something you might be interested in?
Post Content (click to copy):
If you’ve ever been through a major home remodel, you know how awful it can be. The stress, the dust, the constant stream of workers. It’s a major disruption.
In fact, I work with buyers all the time who would rather move than live through it!
Of course, after it’s over, most homeowners are glad they decided to remodel and love the results. But will the financial investment pay off when it comes time to sell?
My latest blog post answers that question (link in profile). Find out which home renovation projects offer the highest and lowest returns at resale.
Them message me or comment if you’d like a free customized analysis of your upcoming project. I can help you determine how it will impact the value of your home.
Suggested Hashtags (click to copy):
: #realestate #realtor #realestateagent #realestateexperts #realestateinvestment #realestatetips #realestategoals #realestatemarket #homesearch #homeseller #homebuyer #homerenovation #remodel #remodeling #homeimprovement
Post Content (Click to Copy):
Find out if your home renovation project will pay off when it comes time to sell! #remodel #homerenovation
[modal text=”Click for Posting to LinkedIn Instructions” title=”How to Publish an Article On LinkedIn” xclass=”button” size=”lg”]
- Download the LinkedIn image and save it to your computer.
- Sign into your LinkedIn profile.
- Select “Write an Article.”
- Click the large header image (looks like two pictures connected by a plus sign) and select the LinkedIn image file.
- Click “Open.”
- Copy and paste the Headline of the article below into the space that says “Headline.”
- Copy and paste the body of the article below into the space that says “Write here…”
- Review the article and tweak as necessary. You may need to delete excess line spaces, fix formatting, add image links, etc.
- Hit “Publish” at the top right corner of your screen. When prompted, type a description of the article and include relevant hashtags. (suggestions below)
Post Content (Click to Copy):
Which #homerenovation projects offer the highest and and lowest returns are resale? Find out in my latest article.
Suggested Hashtags (click to copy):
#realestate #housing #personalfinance #homeseller
Also include at least one local hashtag, ex: #austin #austinrealestate or #austinhomes
[modal text=”Click for LinkedIn Article Content” title=”Click to Copy Content” xclass=”button” size=”lg”]
Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget
Most new homeowners have something about their property that they want to change. And as family needs and design trends shift over time, many will eventually choose to remodel. Some homeowners make updates to their property before listing it to maximize their potential sales revenue.
Whatever your reasons are for taking on a home improvement project, it’s wise to consider how the money you invest will impact your home’s value.
We’ve taken a look at six popular home renovations and identified those that—on average—have the best and worst returns on investment. So before you lift a hammer or hire a contractor, take a look at this list and see if your remodeling efforts will reward you when it comes time to sell.
RENOVATIONS THAT PAY OFF
These three common home improvement projects not only add function and style to your home, but they also offer a strong return on investment. Making strategic upgrades to your property will help you increase its value over time.
Minor Kitchen Remodel
The kitchen is often referred to as the “heart of the home,” and for good reason. Traditionally used for preparing food, it has morphed into so much more. Many of us now eat our family meals in the kitchen, it serves as a favorite spot for homework and kids’ art projects, and it’s the place guests tend to gather when we host events.
Because we spend so much time in our kitchens, it’s natural that we will eventually want to make updates and upgrades to better suit our needs and changing style preferences.
Luckily, a minor kitchen remodel is one of the best investments you can make in your home. According to Remodeling Magazine’s annual Cost vs. Value Report, it has an average 80.5% return on investment.
The key to making a kitchen remodel pay off is to keep it modest in scale. Spend too much on custom or high-end selections, and you are less likely to recoup your investment. Instead, make an effort to keep your existing layout if it works for you and your family. Paint or reface cabinets instead of replacing them. Update countertops with low-maintenance quartz and swap out old light fixtures with modern alternatives. Replace outdated appliances with energy-efficient models. The average cost for a minor kitchen remodel is $22,500, and it’s likely to recoup more than $18,000 at resale.
Wood Deck Addition
A deck addition is a popular way to extend and enhance the use of your outdoor space. It’s the perfect spot for grilling, dining alfresco, and entertaining. In fact, 81% of surveyed homeowners said they have a greater desire to be home since completing a deck addition.
For a 16 x 20-foot wood deck, you can expect to spend around $13,000. Fortunately, the money you invest offers an average return of 76%.
Decks made of composite material are a popular alternative these days, as they don’t require the regular sanding and staining that wood decks need. However, at an average cost of $19,000 for a 16 x 20-foot composite deck, they are significantly more expensive. Plus, the expected return on investment is only 69%. Still, if you plan to hire someone to provide regular maintenance to a wood deck, then a composite deck may offer cost savings over time.
Everyone knows good curb appeal is important when selling your home. And while it may not be the most exciting way to spend your remodeling budget, new siding can make a big impression on buyers … and your selling price.
Your home’s exterior is one of the first things buyers see when they view your home. It sets the tone for what they are going to see inside. It also gives an impression of how well the property has been maintained. Worn, peeling, or rotted siding can be a major red flag for buyers.
Replacing 1,250 square feet of siding costs around $16,000 and will net you an average of 76% at resale.
For an even greater impact, consider replacing a portion of your siding with manufactured stone veneer. It can have a dramatic effect on the visual appeal of your home. A 300 square foot area will run you around $8,900, but you can expect to see a nearly 95% return when it comes time to sell.
RENOVATIONS WITH WEAK RETURNS
These three popular remodeling projects are homeowner favorites. However, don’t expect to see a high rate of return when it comes time to sell. Instead, consider them an investment in your current quality of life. Just make sure you’ll be living in the home long enough to make them worthwhile.
Major Kitchen Remodel
If there’s one room the majority of homeowners dream about making over, it’s their kitchen. From custom cabinetry to high-end appliances, the possibilities are endless. But those dreams can come at a cost.
An upscale kitchen remodel with high-end cabinetry and countertops, commercial-grade appliances, and designer features can cost upwards of $130,000. And unfortunately, you’ll only get back around 60% at resale. Even a mid-range kitchen remodel that includes new semi-custom wood cabinets, laminate countertops, and energy-efficient appliances could run you around $66,000 and net you a mere 62% at resale.
Of course, an outdated or non-functional kitchen could turn buyers off from your home completely … and keep you from enjoying it yourself! So if your kitchen needs a major remodel, you shouldn’t necessarily scrap your plans. Just go in with the realization that you may only get back a fraction of what you invest. Then you can decide which upgrades are worth the splurge.
Few additions deliver more entertainment or enjoyment than an in-ground pool. It brings families and friends together, provides a break from the summer heat, and offers a fun and convenient way to stay fit. Plus, you’ll be the envy of your neighbors! But before you dive into a pool addition, consider whether the benefits outweigh the (substantial) costs.
The average expense to install a standard 18 x 36-foot in-ground pool is $57,500. And the estimated return at resale is only or 43%. In addition to the installation cost, plan to spend money each year on maintenance, repairs, and additional insurance.
However, 92% of surveyed homeowners said they “have a greater desire to be home” since installing a pool, and 83% have “an increased sense of enjoyment when they are at home.” For you and your family, the perks of a pool may be priceless.
Master Suite Addition
If you own a house built before the 1980s, there’s a good chance it lacks a master suite, which is a feature that has become commonplace in most newly constructed homes.
Master bedrooms have evolved from a simple place to sleep into a homeowner’s retreat—often featuring a sitting area, his-and-hers walk-in closets, and an attached bathroom with double vanities, a soaking tub, and a walk-in shower.
And master suite additions have become increasingly popular—both in homes that lack one as well as those with aging owners who can no longer accommodate stairs to an upper-level bedroom.
But what’s the typical return at resale? Unfortunately, a master suite addition offers one of the lowest returns of any remodeling project. With a median cost of $125,000, most sellers will only recoup around 52% of their investment. Nevertheless, in a survey of homeowners, the majority were satisfied with their decision to add a master suite, giving it a “Joy Score” of 10 out of 10.
WEIGHING COST VS. BENEFIT
It’s always wise to enter into a remodeling project with knowledge of how it will impact your home’s value. In most cases, upscale or highly-customized upgrades are less likely to offer a high rate of return. That said, home renovations that improve your quality of life and enhance your enjoyment may be worthwhile no matter the cost.
GET A CUSTOMIZED ANALYSIS OF YOUR PROJECT
We’ve been talking averages. But the truth is, the actual return you can expect on a home improvement project will vary depending on your particular home and neighborhood. If you have plans to remodel, call or send us the details. We’d be happy to conduct a free analysis to determine how the renovations will impact the value of your home!
2019 Cost vs. Value Report
NAR Remodeling Impact Report
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