Let me answer this question from first hand experience! In 2005, we had a 4 bedroom house in Phoenix, Arizona; 3 kids under 10, a home office in one of the bedrooms, no room for guests and got caught up in the housing frenzy before the great Recession!
In late spring of 2006, we moved into our newly built house with an extra bedroom and a home office, but in fall of 2006, the market imploded. The purchase price of our home was $532,000.00 and a few months after we closed, it plummeted and continued to do so for the next few years.
The lowest value of our house ended up around $235,000.00. We were able to stay consistent on the mortgage but there was no way we could sell the house. Our only option would have been a short sale. At the time, our youngest daughter was about 5, so we knew we had about 13 years until she graduated, so we thought we would just wait it out.
In December of 2020, as the real estate market started making a correction, we decided it might be the best time to list our house again. We put it on the market for $525,000.00, still under the amount we originally purchased the house for, but at least somewhat near the original purchase price.
After 45 days on the market, we accepted an offer at $419,000. Still losing out on money, but better than it had been for the past 15 years. The Buyers were unable to perform and go through with the sale. With busy schedules and one more year left in school for our daughter, we decided not to list the house for sale again, but rather wait until the following year and hope that the market continued on an upward trend.
I felt certain that someone would understand the value of the house, the pool, the view lot and the potential once it was remodeled, hoping that they would overlook the old dingy, out of date paint colors, flooring, cabinets and countertops. Ideally, they would want the “bones” of the house and do the work to bring it up to date once they purchased the house.
I rehab by trade throughout the Phoenix Metro/Greater Phoenix area, and still didn’t want to put the money into my own house to bring it up to date. I had been suffering from PTSD for all the years that our house was under water. It was now at least up to, and a little past, the amount that we had originally purchased the house for, so what was the need to sink anymore money into the house without a guarantee of getting it back out if and when we were able to sell it?
In spring of 2022, much to my dismay but with a lot of faith, we opted to do some home remodeling and renovations to the house. I had the trades that could do the work. I knew the cabinet maker, countertop person, flooring guy and the painter, but I was still nervous to put anymore money into a house that had tanked for so long. In the end, we put in new flooring, cabinet fronts, countertops and new interior and exterior paint, about $42,000 in renovations.
The remodel was beautiful, but the amount of additional money spent on the house was unnerving. We knew spring was the selling season and the best time to list, so Easter Weekend our house went on the Phoenix market. Not only had we put the time, money and effort into the remodel but the housing market was at a frenzy. One year after our initial listing we were able to list the house at $725,000.00, $200,000 more than the previous year – and after more than a handful of offers in a few days we accepted a purchase price of $765,000.00!
Our house sold at or above the market price in a matter of days with numerous buyers willing to raise the stakes on the purchase price. We can definitely contribute this to the frenzied real estate market, but in large part the house was so desirable because we took the time to update the main features.
By staging the house to look inviting, taking the time and effort to invest some money into what would otherwise be an outdated house with good “bones”, so the potential buyers are able to purchase a “move in ready” home, rather than a “fixer upper.” The buyers loved the fact that the house was updated and not outdated, trendy but not flashy, ready to move forward for the next 10 to 15 years with the new upgrades!
Unlocking the Potential of Home Remodeling: Factors for Success
While a remodeled home can often outshine an outdated one, the extent to which this happens depends on several factors. Homeowners today have a plethora of options and access to various interior design services, making it easier than ever to transform their interiors with innovative home ideas and interior design.
A well-executed home remodel can significantly enhance a house interior, giving it a modern and stylish look. Features such as kitchen home improvement, interior design, and kitchen renovations can make a significant difference in a home’s overall appeal. The kitchen, being the heart of many homes, is often a focal point of interior improvements. A kitchen remodel can completely transform the space, making it more functional and visually appealing.
However, it’s essential to consider the context. A pool design or a remodel focused on bathrooms and interiors may not have the same impact in every situation. The choice of which areas to remodel depends on the homeowner’s specific goals and budget.
Moreover, the quality of the home remodel is critical. A poorly executed home remodel can result in a house that looks worse than an outdated one. Therefore, it’s essential to hire a reputable home remodeling company like GQ Staging and Interiors with a track record of successful projects. Such remodeling companies can provide the expertise needed for home remodeling and ensure that the remodel aligns with the homeowner’s vision.
In conclusion, while a home remodel can certainly make a home shine, the outcome depends on the scope of work, the choice of areas to remodel, and the quality of the work performed by the interior design, kitchen remodel, and bathroom remodeling company. Homeowners should carefully consider their home ideas, interior design services, and budget before embarking on a home remodeling project to ensure that it achieves the desired results and truly outshines an outdated home.
GQ Staging and Interiors offer a variety of home remodeling and interior design services, contact us to learn more.
