Are your neighbors packing up but not moving? They could be renovating to stay competitive as more homes hit the market
MIAMI – The housing market may finally be stabilizing after going into hyperdrive shortly after the pandemic began.
According to Realtor.com, listings went up, so it could take a little more to make homes stand out in the future. One way to do that is with renovations. CBS4 investigated why you may be seeing more neighbors packing up to remodel.
"So, we just got the crew here, they just started today," Victor Coto said.
Coto is renovating his house in Miami, he also happens to be a real estate agent.
"For us this is going to be the house we live in, at least for the next 4, 5, 6 years."
While many think of remodeling the kitchen and bathroom first to add home value, Coto started with windows.
"We're starting the remodeling now, the first step which we learned along the way is that you have to get the impact windows and doors in because they're going to be tearing out all the frames all the windowsill," Coto explained.
However, traditionally the kitchen tends to be the area with the best return of investment.
"Typically, to do them nice, you're looking at $50,000 upwards. If you do a nice kitchen with all new appliances, that may bring you an upturn in your sale. You put in 75-80K, you may be able to make 150 to 200K," Coto estimated.
But there are ways to do minor remodeling too. First thing to consider is the budget. Then look at DIY projects such as painting. Cabinets can be refreshed with resurfacing and new hardware, or just replacing the doors. New countertops also help, but stone can be expensive, laminate could be a more cost effective. While for flooring, choosing alternatives to stone could bring prices down.
At the same time, renovations may be taking longer because of supply issues. One solution is to pack it all up and use a container unit.
"On site storage, you're look around $200-230 plus transportation fees," Units Franchise Owner Melissa Martinez said.
Units picks up and drops off containers right to the doorstep.
"In March, business started to pick up and again. When we asked them what it is they're doing, we always get that they're renovating their floor, or their home, so do know that there is an increase in renovations across South Florida," Martinez added.
Now, as home prices stay up, more equity is available to homeowners, which means, money can be pulled out for renovating, but increasing debt is always a risk.
The housing crisis is leaving many desperate for help. That's why CBS News Miami wants to share your stories to show the crisis you're in or how you navigated the system. We will highlight these issues and work to get answers and solutions. Send us an email at housing@cbs.com.