Remodeling is an excellent way of potentially raising the value of your luxury home in West Palm Beach. Whether you’re thinking of modest upgrades like changing your backsplash, or major work like overhauling the kitchen, undertaking the right home improvement project is key to getting a better price for your piece of real estate.
Here are some important things to consider when remodeling your luxury home.
Dream big; plan carefully
Start with a plan. It ensures that you stay focused on your goals. A plan is just as vital to help you keep track of materials, resources, schedules, and budgets.
How to determine the scale of your remodeling project? Walk from room to room and note down items or areas that need fixing and sprucing up. Imagine what you envision for each area of the house.
Then, use a spreadsheet to list everything down. You’ll find that the more specific you are about what you plan for your property, the more accurate your budget will be.
Budget wisely
Your budget will help you prioritize which elements of your vision to implement. Review your wish list and start canvassing the items you’ll need to give you a general idea of how much you’ll be spending. Allow reasonable margins for adjustments. Factor in possible labor costs if you have information about the rates in your area.
Don’t DIY
For your luxury property, hire a contractor. Even if you have the skills and the inclination, it’s highly recommended that you don’t DIY the project. Perhaps you can help with the work, but make sure it’s under the supervision of a professional. They’ll assist you in streamlining your plan, managing your timeline, and hiring electricians, plumbers, and other tradespeople. The general contractor will ensure that everything runs smoothly, on time, and on budget.
Hire a reputable contractor who specializes in luxury homes. Ask recommendations from family and friends. Vet names online – read reviews and client testimonials. You can also tap your local Realtor for recommendations; they usually have a network of suppliers who can provide clients with allied services.
Even if you hire a contractor, stay involved. Monitor the progress of the renovation to make sure it’s on schedule and stays within budget.
Balance classic with trendier elements
While it may be tempting to upgrade your home based on what’s trendy at the moment, you run the risk of quickly making your home look dated if trends don’t hold up. Imagine if you had painted your walls in Living Coral, the blindingly bright shade of orange deemed 2019’s Color of the Year.
Therefore, go easy on what’s trendy. Retain classic elements and timeless materials like wood, granite, and stone when you remodel – especially if you plan to sell your house in the future.
Inject personal style
As expert home decorator Joanna Gaines says, “Don’t design your home with meaningless elements simply to get it decorated.” Doing so is a surefire way to create a cluttered, rather than a creatively decorated space. Personal elements and items that have emotional meaning to you make any room feel more like home. If you prefer minimalism, throw in something elaborate and unexpected to break the austerity and keep things interesting. Allow your home to tell your family’s story, and find pieces that evoke cherished memories.
Lower your expectations
Real estate experts advise homeowners to keep it real when it comes to renovating their luxury homes. Some head into huge renovation projects thinking they might be able to turn around their investment quickly and get more than the amount they spent on the upgrades. While remodeling your home does increase the potential value of the property in the long-term, homeowners should not expect a return on every penny they spent. Some upgrades are valued more highly than others; for example, adding a patio, a garage, or installing high-end windows.
If you want to drill down, Remodeling Magazine’s 2020 Cost vs. Value Report in South Florida lists the following renovation projects as yielding the best ROI:
Cost vs. ROI
- Manufactured stone veneer – 94%
- Garage door replacement – 88.7%
- Siding replacement – 80.6%
- Addition of wooden deck – 77%
- Minor kitchen remodel – 76.3%
For higher-end renovations, the numbers are:
- Upscale bath remodel – 58.6%
- Upscale bathroom addition – 54%
- Upscale major kitchen remodel – 53.6%
- Upscale primary bedroom suite addition – 52.7%
- Grand entrance – 52.7%
Overall, the average ROI on renovation work is 60%.
Need further advice on an upcoming luxury home remodeling project? Residents at the golfing community of Ibis in West Palm Beach know that Eric Telchin can help point you to the resources you need. Make an appointment now at 561.301.0249, or shoot him an email at erictelchin(at)hotmail(dotted)com.