The Benefits of Renewing Properties for the Future: Why Renovation is the Smart Choice
Written by Wena Roeloffze, Real Estate Consultant and Lifestyle Expert. Owner of Realty Club 74, brokered by Coldwell Banker Realty.
The most prolific task in real estate revolves around finding and showing properties to qualified buyers. We have had a ton of homes on the market, followed by very low inventory, thanks to the interest rates. One constant throughout was and is, that renewing properties for the future offers significant benefits that go beyond just aesthetics. From cost savings to environmental responsibility, revitalizing older buildings and homes can make more sense for homeowners, home sellers, home buyers and communities alike. Realty Club 74’s main focus is to create solutions for senior home sellers and probate families, which allow for higher sales profits of the homes. We see the practical benefits of small or big renovations for not only the sellers, but also for cash-strapped buyers. Let’s explore some of the key advantages of breathing new life into existing structures.
1. Cost-Effective Solution
One of the most attractive benefits of property renewal is the cost savings. While new construction often demands high prices for materials, labor, and land, renovation allows homeowners to work within an existing framework, cutting down on major expenses like foundation work or structural framing. In many cases, renovating can cost a fraction of what it would to build new, especially in established areas where land prices have surged.
Renovations also allow for flexibility in budgeting. Realty Club 74 offers many options depending on timing and condition of the property. Our prehabbing option has brought sellers between $10k - $50k more profit and the home buyers of these homes saved an average of $7k (calculation based on general repairs, cleaning and painting). With all our resources geared towards a niche market, sellers avoid any upfront investments.
2. Environmentally Friendly
In an era when sustainability is paramount, property renewal offers a green alternative to demolition and new construction. By repurposing existing structures, the environmental impact is significantly reduced. Fewer building materials are consumed, less energy is used in construction processes, and the carbon footprint from manufacturing, transportation, and installation is minimized.
Additionally, renovating a home can present an opportunity to incorporate energy-efficient upgrades. By updating insulation, installing energy-efficient windows, or integrating solar panels, owners can modernize their homes while reducing their long-term environmental impact. I cannot say it better than Joe and Nick from Galbraith Carnahan Architects, who says that “the greenest building is the one that already exists”. They have been featured on my TV show because of the fact that repurposing is what they are exceptional at.
Another one of my most referred environmentally friendly partners, is Camo Crew Responsible Junk Removal. They are a literal saving grace in Wisconsin when it comes to keeping junk and unwanted items out of our landfills. Our environment has not only have to last for the next generation but also have to improve for many more to come.
3. Lower Costs in Established Neighborhoods
Established neighborhoods often come with a premium when it comes to purchasing new properties. The infrastructure, utilities, and transportation options are already in place, and the community atmosphere is often more vibrant and secure. Instead of paying a high price for a brand-new home in such an area (if that exists), renewing an existing property allows for a lower overall investment while still gaining access to the benefits of these coveted locations.
Additionally, taxes in older neighborhoods may be lower compared to new developments, where additional costs are passed down to cover the development of new infrastructure like roads, schools, and utilities.
4. Access to Mature Trees and Landscapes
Unlike newly built homes where landscaping can take years to mature, older properties often feature beautiful, mature trees and established gardens. These natural elements provide immediate aesthetic appeal, shade in the summer, and help with reducing energy costs by protecting homes from harsh weather.
Mature trees can also increase property value. Studies have shown that homes with well-maintained trees and landscaping often sell for more than those without, offering a unique selling point if the property ever goes on the market.
5. Maintaining Character and Charm
Many older buildings possess a character and charm that’s difficult to replicate in new construction. Features like intricate moldings, solid hardwood floors, unique architectural details, and historical designs are elements that can be enhanced rather than replaced. Renewing a property allows homeowners to preserve these historical elements while modernizing the space for contemporary living.
These unique characteristics can also boost property value, especially in areas where historical preservation is prized. A well-renovated home that combines modern amenities with old-world charm can be an attractive option for buyers.
6. Minimized Disruption
In established areas, construction of new homes or commercial properties can cause significant disruption to the community, including noise pollution, traffic issues, and even temporary displacements of residents. Renovating existing properties, on the other hand, tends to cause less of a disturbance to the surrounding neighborhood, reducing stress for both the property owner and their neighbors.
7. Faster Turnaround Time
Building a new property from the ground up can be a lengthy process that requires numerous permits, zoning approvals, and inspections, all of which can take months or even years. Renovating an existing structure moves at a quicker pace, as much of the necessary groundwork has already been laid. Our prehabbing process can be completed in 7 days and our renovation process can be completed in 3-4 weeks. This allows home sellers quick closing times with money in their pockets, and home buyers to move into their new homes sooner.
8. Contributing to Community Preservation
When home sellers choose to renew properties instead of demolishing them, they contribute to the preservation of the community’s cultural and architectural heritage. This helps maintain the integrity of historic neighborhoods and fosters a sense of continuity. It boosts moral and support within a community. It strengthens school districts, uplift community involvement and creates an excitement about preservation for our next generation. A house is so much more than just a building. Ask a young child, a first-time home buyer and a senior citizen - they will all tell you that a house is truly a home, a dream come true and many memorable memories.
Renovating properties for sale is not only a smart financial move but also an environmentally conscious one. It provides an opportunity for home buyers to enjoy the best of both worlds—access to established neighborhoods and schools, while simultaneously modernizing and improving energy efficiency. Renewing properties for the future preserves the past while embracing the future, making it a compelling choice for today's home seller and home buyer. Take the exciting journey with Realty Club 74!