Someone originally posted this on Coldwell Banker Elite.

When it comes to selling your home, it’s natural that you’d want to get the best return on investment possible for changes and upgrades around your home. While there are many inexpensive home improvement projects that can help increase your home’s value, sometimes it’s worth splurging on certain projects that can yield a higher return in the sales price of your listing. Today we’re exploring three splurge-worthy home improvement projects that can help boost your home’s value and appeal to potential buyers.

Home Improvement Project Ideas

1. Kitchen Remodel

The kitchen is often considered the heart of the home, and a thoughtfully-done kitchen remodel can significantly increase your home’s value. In fact, buyers report that the kitchen has the greatest amount of influence over whether or not they will decide to purchase a home.  According to the National Association of Realtors, a minor kitchen remodel can yield an average return of 81% of the project cost, while a major remodel can yield an average return of 59%. A kitchen remodel may include upgrading appliances, replacing countertops and cabinets, and adding new flooring. The important thing to remember with kitchen remodels is that a little goes a long way. While ultra-high-end appliances or a luxurious countertop option may make the space feel more grand, you actually will make back a larger percentage of a more modest renovation project that brings your home’s kitchen up to scratch.

2. Bathroom Renovation

Bathrooms are another incredibly important area of the home that buyers pay close attention to. Often, bathrooms are such a priority for potential buyers because the process of completing a bathroom overhaul can be a daunting prospect. So when you take this project on in advance, your potential buyers don’t have to worry about completing the project themselves, but they get the benefit of a beautiful and updated space. According to Remodeling Magazine’s Cost vs. Value Report, a mid-range bathroom remodel can yield an average return of 62% of the project cost, while an upscale renovation can yield an average return of 53%. A bathroom renovation may include upgrading fixtures, replacing the bathtub or shower, and adding new tile or flooring.

3. Outdoor Living Space

An outdoor living space, such as a deck or patio, can be another major selling point for potential buyers. Adding an outdoor living space can expand your home’s livable space and create an inviting area for entertaining. According to the National Association of Realtors, a wood deck addition can yield an average return of 75% of the project cost, while a composite deck addition can yield an average return of 69%. Other outdoor living space projects may include adding a fire pit, outdoor kitchen, or landscaping. Particularly for those buyers moving in during the Spring and Summer, additional space to enjoy the outdoors can go a long way in the value that they see in your listing.

Knowledge is Power

No matter which of the three types of renovations you are considering for your home, the more you can research the specific projects and the average ROI for those renovations in your specific area, the better you’ll be equipped to make the best decision for your home and your bottom line. Better yet, reach out to our team at Coldwell Banker Richwill Realty to get an idea of what a project may be able to add to your resale value and project an updated listing price for Florida!

Coldwell Banker Richwill Realty
863-225-0575
39865 US Hwy 27, Davenport, FL 33897
richwillrealty.com

This was originally posted on Coldwell Banker Elite.

As the world evolves, so does the technology that we use to operate within it, and commercial real estate (CRE) is no exception. With the introduction of artificial intelligence (AI) and smart technology into the world of commercial real estate, there has been a shift in the way that businesses and investors alike approach their commercial properties.

In this blog post, we will explore the ways the impact that new technology has had on the commercial real estate space as well as consider the changes that may be incoming as technology continues to advance.

Currently in Commercial Real Estate

Currently, the CRE industry is facing a challenging market. The global pandemic has caused a shift in the way that businesses operate, with many companies moving towards remote work. As a result, the demand for office space has decreased, and the need for alternative uses of commercial real estate has increased. However, this challenge also presents an opportunity for businesses to set themselves apart through the use of smart technology as a tool for maximizing profits, selling or leasing their properties, and enticing potential employees with access to innovative workplace tech.

Staying On Top of the Tech Trends

The commercial real estate (CRE) industry is rapidly changing, and staying on top of technology trends is critical for professionals to remain competitive. The use of property technology (proptech) is becoming increasingly important as companies aim to boost efficiency and reduce costs. Proptech involves the use of automated services, access control systems, and smart devices to improve basic building functions. This type of new technology is also important to increase efficiency by reducing tedious tasks, and opening up your teams to focus on the work that really matters. There are all sorts of proptech trends becoming more prevalent in the world of CRE lately, including virtual reality tours, artificial intelligence for performance, clean tech for energy efficiency, and smart technology and security. The adoption of these trends can help professionals in CRE shape their real estate endeavors and set themselves apart from competitors.

Keep Moving Forward

While the past several years have seen a rise in tech such as virtual 3D tours of commercial properties, the coming years will likely only see the push for innovative technology in CRE grow. If you are considering investing in smart technology for your business, here are a few ways to get started:

3 Ways that Tech Can Streamline CRE Operations

1. Going paperless with automation is another crucial investment must. Providing a mechanism to digitally store signed documents and automating invoicing and payments through an automated clearing house (ACH) allows CRE management teams to stay on track with tenant payments and annual increases.
2. Artificial Intelligence (AI) is another rising technology that can be used in many different ways, from monitoring building security and temperature control, to automating the process of generating leads and collecting applications.
3. Tenant management portals and reporting and business intelligence through data are other technologies that CRE owners should invest in to provide tenant transparency, increase bottom-line results, and maximize annual rent increases while minimizing losses due to local market changes.

Why Does Tech Matter for CRE?

Prioritizing innovative technology allows commercial real estate businesses, and often their tenants as well, to operate more efficiently and effectively. By using AI and smart technology, businesses can reduce costs, increase productivity, and improve the tenant experience. As technology continues to evolve, there will be even more opportunities for businesses to innovate and improve within the CRE industry.

If you need a partner who understands the intricacies of commercial real estate – as well as the technology that comes along with it – we’d love to serve you. Reach out to our CRE team at Coldwell Banker Elite for a partner that will treat your investments as if they were our own.

Coldwell Banker Richwill Realty
863-225-0575
39865 US Hwy 27, Davenport, FL 33897
richwillrealty.com

Originally posted on Coldwell Banker Elite.

In today’s fast-paced world, ensuring the safety of our homes is a top priority. Advancements in technology have made smart home security devices more accessible and affordable. From motion sensors to video doorbells, these innovative gadgets offer peace of mind and an extra layer of protection for homeowners.

Smart home security devices are now more accessible to buy. Looking to get started? Here are a few of our recommendations to protect your family with smart home technology.

1. Smart Video Doorbells:

Imagine having the ability to see and communicate with visitors at your front door, even when you’re not home. Smart video doorbells allow you to do just that! Video doorbells have revolutionized home security by providing a live video feed to your smartphone or tablet. With motion detection capabilities, these devices can instantly alert you when someone approaches your door or even record interactions with visitors to your home. From door-to-door salespeople to package drop-offs, video doorbells provide you with an added layer of awareness and security around your home. Whether it’s a delivery person or an unexpected visitor, you can remotely view and interact with them, deterring potential intruders and ensuring your home’s safety.

2. Motion Sensors and Intrusion Detection:

Motion sensors play a crucial role in home protection, detecting suspicious movement. When strategically placed near entrances and windows, they trigger alerts for unexpected activity. Instant smartphone notifications empower quick responses or authorities’ alerts. Moreover, integrating motion sensors with smart lighting systems enhances security by illuminating areas, deterring intruders, and providing better visibility.

3. Smart Locks and Access Control:

Traditional keys are prone to being lost, stolen, or duplicated, and can compromise your home’s security. Smart locks offer a modern solution by allowing you to control access to your home digitally. Features like keyless entry, temporary access codes, and remote locking/unlocking, smart locks are convenient and provide your family with peace of mind that your home is secure. You can grant access to family members, friends, or service providers remotely, and even monitor the status of your locks from anywhere in the world. Smart locks not only support the overall security of your home but also eliminate the need for physical keys, making getting into your home much simpler.

4. Surveillance Systems and Indoor Cameras:

By installing interior surveillance systems and indoor cameras, you can effectively deter burglars. In addition, these devices provide real-time video monitoring for your home’s interior. Moreover, they allow you to monitor property, pets, and loved ones closely. For a comprehensive security solution, indoor cameras offer advanced features including night vision and two-way audio. Furthermore, smart cameras include motion detection, sending alerts and recording footage when movement is detected.

Equip Your Home with Smart Home Security

The advent of smart home technology has revolutionized home security, making it more accessible and efficient than ever before. Devices like smart locks, video doorbells, motion sensors, and indoor cameras can increase your home’s security.

Whether deterring potential intruders, monitoring activities, or controlling access, smart home tech brings major value to home security and a smart home setup as a whole. Investing in these devices not only ensures the safety of your home but also simplifies and enhances your daily life. When you embrace the power of smart home technology, you’ll enjoy the confidence of a secure and connected home!

Coldwell Banker Richwill Realty
863-225-0575
39865 US Hwy 27, Davenport, FL 33897
richwillrealty.com