How Remodeling Your Home Pays Off
Looking to remodel and increase the property value of your home? Don’t make any impulse moves just yet. While you may be really into some funky wallpaper or a colorful backsplash, there are some things to consider prior to renovating. Certain areas in the home significantly enhance property value, while other design choices are not for the masses.
Remodeling for safety, convenience, and geographical location tends to be more of a value add than choosing renovation ideas solely based on design updates. Something additional to note, time’s effect on an upgrade or improvement will also dictate the amount of increase regarding property value.
COMMON IMPROVEMENTS OR ADD-ONS WITH TYPICALLY HIGH VALUE ADD:
- New roof
- New windows
- Add wood deck
- Remodel attic
- Finish basement
- Add garage
- Replace siding
That being said, there are two rooms in the home that consistently show a positive impact on the resale value and overall increase property value.
Which Room Should I Remodel?
Generally, kitchen and bathroom remodels show the greatest return on investment despite which state you live in and despite your neighborhood. People spend a lot of their time in the kitchen and bathroom – getting ready, getting kids ready, making meals, eating meals, cleaning, entertaining, etc.
When choosing to do a kitchen remodel, favor:
- Hardwoods or stone floors
- Simple, clean cabinets (wood)
- Stone countertops (ie: granite, quartz)
- Neutral color scheme
When choosing to do a bathroom remodel, favor:
- Walk-in shower
- Double vanity (in master bath)
- Neutral color scheme
**If you only have one bathroom in your home, consider adding a second or half bath. This is a much greater value add!
At the end of the day, if you are in your forever home, you have the right to decorate or design however you please. If you are building a custom home, your taste and style should shine. Having the home of your dreams to make memories in with your family can easily outshine worrying about resale value. So design with your end goal in mind.
If leaving the option of selling on the table, keep the above in mind when renovating any portion of your home – outside or in. While your children may encourage you to put an in-ground pull in the backyard (who wouldn’t love that?!), most home buyers are more focused on if the roof leaks or the kitchen is in good shape.
A good home renovation can change the whole face and value of your house. With a good contractor, some diligent planning, and great work – you too can turn a mediocre home into something you’re proud to call home!