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To Renovate or Not. . .

May 10, 2016 by Lisa Finks Leave a Comment

As everyone knows, many factors affect a home’s value.  Recently rehabbed and updated homes always sell faster and for a higher price since buyers are willing to pay a premium for a move-in ready home.

Luxury Living Room

luxury living room interior and decoration

In the last 12 months, 93 homes have sold in East Wilmette, 32 of which were considered recent rehabs.  The 32 recently rehabbed homes, on average, sold for 95% of the original list price and in 38 days while the non-rehabbed homes sold, on average, for 92% of original list price and in 51 days. (Based on Midwest Real Estate Data, as of 1st quarter, 2016). At $1,000,000, the difference between 95% and 92% is $30,000. We can help ensure you don’t leave money on the table!

Homeowners often ask Realtors to quantify the value of a home improvement they have made or plan to make.  Check out an excerpt from the Remodeling Impact Survey:  2015, published by the National Association of Realtors.  Take a look to see how home improvements compare.  Sometimes, smaller projects such as paint, refinished floors and landscape deliver the largest returns!

As always, I welcome the opportunity to serve you with all of your real estate needs.  Call or email any time – I’d love to hear from you!

remodeling-impact-survey-2015

Filed Under: Home construction, Home Decor & Garden, Home Values

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Lisa Finks, Lourdes Arencibia & Carolyn Duris, 565 Lincoln Ave, Winnetka, IL (847) 778-0540 info@northshoreaddress.com

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© 2019 Lisa Finks, Compass Real Estate. All Rights Reserved.

LISA FINKS, LOURDES ARENCIBIA & CAROLYN DURIS ARE REAL ESTATE AGENTS AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDE BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.