Home renovations are in demand. Some homeowners are hesitant to put their homes on the market. They either don’t want to give up a lower mortgage interest rate, don’t want to leave their current neighborhood or have not been able to locate the ideal property to make a move. Other homeowners are looking to renovate before selling to increase the sale price and property desirability. Renovations are a great way to update, increase space functionality, reconfigure, or even complete unfinished space in the home.
At Coldwell Banker Realty, we offer a program called RealVitalize to assist with deferring the cost and finding the right professionals to handle renovations. Once a property is enrolled, project consultants from Angi will coordinate renovations. Sellers do not have to come out of pocket with funds before closing as our RealVitalize program takes those costs out of the proceeds of the sale of your home (without charging interest, markups, or additional fees). Turnkey properties typically sell much faster than those requiring updates.
Homeowners are also choosing to tap into their home equity. With more equity than ever before – thanks to annual appreciation values each of the last couple years as high as 20-39% in some regions of the country – this can be a viable option for those wishing to stay in their homes. One factor in home appreciation is demand and few U.S. cities are experiencing bigger demand than the Sarasota real estate market. Florida has also ranked No. 1 for relocation in the U.S. for several years.
Kitchen and bath remodels are traditionally the two most popular renovation options. Home offices, which are now more important than ever, are also being earmarked for renovation dollars.
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