Change is inevitable. Nothing stays the same, nor should it!
Real estate, just as fashion, hair styles, technology and music, changes and evolves over time. We’re always seeking the newest, most innovative, and original ideas and implementations. These desires extend into our living spaces as well.
Hilton Head Island is known for many things--fabulous beaches, amazing golf, undisturbed nature, things to do and, last but not least, beautiful homes and villas. These homes and villas, whether primary residences, second homes or investment properties, require maintenance and updating to keep them in tip-top shape. So, whether you are looking to sell or to purchase real estate on Hilton Head, there are two words you need to know: renovate and remodel.
While they both mean improvements have been made to an existing structure, there are significant differences between the two. What is the difference and why does it matter?
What is a Renovation?
When a home or villa is renovated, the property has been updated but not completely changed. In other words, if the interior was painted, faucets and door hardware were replaced, hardwood flooring was put in the family room and perhaps a new dishwasher was installed, then one would say a renovation took place.
More specifically, the home was modified to meet current market expectations. It was “brought up-to-date.” Renovations can be subtle or drastic and generally involve restoring to a good state of repair. The appearance of the property has changed, restoration has occurred and repairs have been made. The updated area of the home has an improved look and feel, while modifications were limited in both scope and cost.
What is a Remodel?
Remodeling, on the other hand, involves changing the structure or form of something. A remodel refers to changing or transforming a property with significant finish and/or structural changes. Multiple alterations take place that may include the addition of more square footage in the home or the replacement of a major component such as:
- replacing cabinets
- replacing a bathtub
- relocating plumbing or electrical lines
- relocating walls
- installing new door or window packages
Remodeling costs are generally much more costly than simple renovations. Building permits are needed for remodeling and the time frame for completion is longer than for renovations.
The Difference Matters
Knowing the difference between renovation and remodeling matters--whether you are a homeowner, a seller, or a buyer. A newly renovated home or villa means something entirely different to a buyer than a newly remodeled property.
Buying a remodeled property means the purchaser can move in immediately and does not have to put additional monies in after closing to bring the property to current standards. Simply put, a buyer is more willing to pay for a newly remodeled property. The market responds well to remodels---as do appraisers and lenders.
Value, dear reader, is found in the details!
Are you looking to buy or sell on Hilton Head Island, or the surrounding area of South Carolina? Take a moment to contact us online or call 1-843-785-9500 to get in touch with a qualified, local Hilton Head Island real estate professional today.