Sellers often prepare their home for sale by painting, cleaning up, and renovating to make their property more appealing for buyers.  When considering renovations, the questions always are: What types of improvement will "pay off" by impacting selling price? And over how long a period of time?  Inman News writer Tom Kelly estimates that 90% of all remodeling projects take more than a year of appreciation to recoup the cost of the improvement; some never do.  In a housing market where prices are either falling or not appreciating as rapidly as in the past, it may be a long shot that a $20,000 kitchen upgrade will translate to a comparable increase in the selling price.

The best way to approach renovations in these times is to plan on improvements you and your family will enjoy.  If you're a gourmet cook, gutting the kitchen to create one that will work for you is a better plan than hoping that Wolfgang Puck will relocate to your neighborhood and buy your home.

Once you have the kitchen or the bathroom the way you want it, should you move at all?  Though this question is not music to the ears of real estate agents, many times adding a room or financing a major improvement can make the house livable for a few more years and be more cost effective. 

For older homeowners, the dynamics are a little different as they need their living space to be more accommodating to changing physical abilities.  There may come a point when the trendy, steep-staired, three or four story townhouse or the big house with a huge lawn won't work.  However, in many situations, "aging-in-place" renovation might make it easier for someone to live independently in a home they love.  High end renovations might include putting in a first floor bathroom or transforming a first floor den into a bedroom.  A tasteful ramp that blends into the exterior landscape might be added for easier access to the home.  Small improvements that incorporate "universal design" principles can be made.  Such things as putting in lever-style door knobs and faucet handles, moving outlets higher off the ground and light switches lower, and adding kitchen counters with different heights can make the home easier to live in for aging residents and make the home resalable to a vast segment of the market. 

"Aging in place" consulting is a booming new industry.   Firms such as Safe Aging of Florida assess homeowners' needs and abilities and  makes recommendations on how to make living space more convenient, safe, and comfortable.  Lifease of Minnesota takes the process to the next level and identifies potential suppliers who can implement the suggested solutions.

Assuming that the home does not need major repairs or is too expensive to maintain, renovations to make the home suited to aging residents will not only keep them in a home they love longer but also add to resale value later.

For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.