When it comes to home improvements, there are two big factors to consider when figuring out where to put your money. Is it something that will increase the value of the house to you and whether it’s something that will increase the value of the house to others, if and when you decide to sell your home.
Renovating a home requires a financial investment, especially if you’re planning a significant remodel like a kitchen renovation or an addition.
Do you plan on staying in the home long enough to see a return on investment?
If you’re thinking about a major home renovation that requires substantial financial investment, be sure you’re not only going to enjoy the benefits of that remodel for years to come, but that you also have a chance of recouping some of the costs when you sell. If you spend $100,000 To upgrade your home and then decide to sell two years later, you may not get much of that investment back when you sell.
Sometimes a home remodeling is a necessity. There might be structural issues as a result of deterioration from say a leaking roof. Or it could be that your carpets are showing a decade or more of wear or tiles are detaching in the kitchen or bathroom. Home deterioration issues shouldn’t be neglected as they can lead to more expensive problems down the road. Also home deterioration can turn potential Buyers off from the home completely.
Can you tolerate a temporary disruption in lifestyle?
Renovating a house is messy and time-consuming, especially if it involves a kitchen remodel or home addition. Can you tolerate your home being a construction site for three to six months? If you’re getting a kitchen remodel, do you have workable and affordable options for cooking and eating while the project is underway?
The Kitchen
The kitchen is major when it comes to the most valuable home improvements. Buyers often look here first when determining whether a home is worth its asking price, since most people want an upgraded kitchen without having to pay a ton of money to get it after purchasing a house.
When remodeling a kitchen for the purpose of selling the home start small at first. Replace the kitchen faucet, add new cabinet hardware, replace old light fixtures with modern energy-efficient options. If your cabinets are showing wear, painting them is an option.
Kitchens feel bigger when there are fewer obstacles. Remove over-counter cabinets and make counter tops truly useful by creating an eating bar. A custom backsplash gives a clean finished look. Solid surface countertops with a stainless sink, wall ovens, new energy-efficient appliances, new cabinets, new flooring, adding an island or a more deluxe touch with a built-in banquet, bench and designer pillows. Perk up a dark kitchen with French doors that’ll let the sunshine in, remove a wall to create an open concept. Now we are talking major remodel, see how easy it is to go overboard – I mean over budget.
The Bathroom
A Bathroom remodel can also add a great deal of value to your home. Here too you can reap big by starting small. Install new fixtures, brighten the room with paint, re-grout the bathtub. A new mirror and light fixtures can easily transform the look of a bathroom.
While you may love your bathroom’s marble flooring, a buyer might not be willing to pay more for it. Here too you can quickly go from a minor update to a full-blown major remodel.
So, what’s a homeowner to do?
Remodeling and renovating your home can make your home more enjoyable, and – if done right -increase your home’s value along the way. But not all renovations are created equal. While some projects can add significant value to your home, others can actually reduce the sale price.
The highest quality upgrades often don’t have the same resale value as quality mid-range upgrades, unless you’re in a very high-end home. Instead invest in quality appliances, flooring and upgrades that appeal to a wide audience. Try to keep your upgrades on par with your neighbors. You don’t want your home to be the most expensive on the block.
It’s still your home in the end.
If you’re planning to sell stick with neutral colors for walls and window treatments. Remodeling to please yourself, choose colors you love. Remember that it’s your home after all. Enjoy the house while you live there but be aware that not all projects will pay for themselves when it comes time to sell. Focus on smaller projects that make your home more appealing and energy efficient.
Whatever your reason for remodeling we can help make it a realty. Give us a call our team of professionals are always available to answer your questions.