Statistics show that certain home upgrades give owners a big return on investment (ROI) when they sell their Santa Monica homes, particularly in the hot market that’s currently impacting all of Southern California. Some of these projects include a new roof, new or refurbished hardwood flooring, new windows, a new HVAC unit, and, of course, the classics: kitchen and bathroom remodeling.
A handful of those projects will return much more than what you paid for them, while some have an ROI that at least make them worth undertaking. Altogether, they’ll make your home that much more attractive to buyers who are eager to snap up a home in today’s competitive environment.
Renovations can sound daunting, even for experienced do-it-yourselfers who may have the skills to do some improvements themselves, but probably not all of them. It’s very likely that your already attractive Santa Monica property, with its excellent beach community, won’t need all of these projects, but investing in one or two could help you receive some top-dollar offers.
House Remodeling - Santa Monica, North of Montana. 2021 completion. Interior Design by Alena Lehrer. Please email Alena ([email protected]) if you need staging and/or remodeling.
BEFORE
KITCHEN
BEFORE
AFTER
Also Compass Concierge provides its clients with a smooth, easy way to maximize the ROI in the home they’re about to put on the market.
Compass Concierge Explained
When you list your home with a great Compass Concierge agent, you’re able to take part in a remarkable program that offers over 100 home improvement projects and services, helping remove stress from sellers who already have so much to do to prepare their homes.
Compass Concierge covers the upfront costs for these projects — which includes all the steps of home staging — and recoups those costs only after the home has sold or if you end your listing agreement with the company.
Among the many services offered for Santa Monica homes are cosmetic upgrades like painting, landscaping to perk up curb appeal, and staging, which includes decluttering and deep-cleaning your home. Their comprehensive list also includes heavy-duty projects such as floor repair, roof repair, HVAC replacement, and kitchen and bathroom improvements. The services also include moving and storage, which can be a huge help during the selling process.
The process is quite simple.
You and your experienced agent will decide which ROI-increasing services or projects you want to take for your Santa Monica property and set a budget for the work. Your agent will then find and help you hire contractors and get the work done.
Then, it's time to list the home, schedule showings, and wait for offers to pour in!
The Market
Compass Concierge is designed to get sellers top dollar for their homes, especially in a competitive market like Santa Monica. The area is still trending toward a seller’s market, where some homes can fetch above the listing price and even spark bidding wars.
According to Zillow.com, the median value of Santa Monica homes is $1,820,776, up 5.3% over the last year.
Another reason to consider the Compass Concierge program is that its agents have extensive experience in buying and selling homes in the ultra-dynamic Santa Monica market, which attracts everyone from celebrities to folks who simply love the laid-back, beach town vibe.
Top Projects For ROI
The entire Compass Concierge concept is backed up by stats from the National Association of Realtors’ often-cited Remodeling Impact Report, which lists the projects that give sellers the greatest ROI.
All of these projects can be handled for your Santa Monica home through the Compass Concierge program.
Here are the projects the National Association of Realtors (NAR) considers the best ROIs:
- New roofs have a 107% ROI. For example, a roof that costs $7,500 would return $8,000. It’s peace of mind for potential buyers, who know they won’t have to tackle a big project like that for several years.
- New flooring has a 106% ROI. The NAR points out that a $4,700 investment in a new floor would return $5,000. Another great option is to refinish an existing hardwood floor, which would recoup at least 100% of the cost.
- New windows can return 70% to 74% of the cost, according to the NAR. Not only do new vinyl windows look great on Santa Monica homes, but they help owners save big on energy bills. More and more buyers are looking for eco-friendly touches in homes, and energy-saving windows are a plus. Also, they really let in that Southern California sunshine.
- New HVAC systems can return as much as 71% of the original cost, according to the NAR. That’s another nice selling point that helps save on electricity bills and is easy on the environment.
Aside from the above four projects, kitchen and bathroom remodels are the most popular upgrades with the biggest ROI. And they just happen to be two of the rooms that get the most scrutiny from discerning homebuyers looking to enjoy a laid-back SoCal lifestyle.
The NAR suggests that smart sellers of Santa Monica real estate skip the full kitchen remodel — which would return only 57.4% on a $75,000 project — and go with a minor remodel that would return 72.2% on a job totaling $26,214.
These are just the top projects listed by the NAR! Again, all of these projects and more are available through the exclusive Compass Concierge program.
Staging
Regardless of how many other wonderful Compass Concierge services you choose for your Santa Monica home, be sure you sign up for the various staging services, which include decluttering, cleaning, and painting.
Statistics from the NAR show that 53% of seller’s agents say that staging decreases the amount of time a home is on the market and that for every $100 you invest in staging, it has the potential of returning $400. That’s a potential ROI of 400%!
There are so many options you can choose from with Compass Concierge. If you plan to sell Santa Monica real estate in 2021 and want to make sure your projects are netting the best ROI, let Alena Lehrer put her extensive experience to work for you.
