Is My Home Remodel a Good Investment?
As a homeowner, you may find yourself questioning if certain home remodel projects are worth the money. Perhaps they will look great, perhaps you just love that shade of blue or perhaps you have always wanted a window sill with a built-in drawer. Although you are conscious that you would adore the improvement, you wonder if it would add any real value to the house once it comes time to sell.
Certain home improvements have been proven to have far greater return on investment than others. If you improve intelligently, you can add significant value to your home for a reasonable cost and will profit through the renovation. Other improvements, however, require spending a great deal but have no impact on the value of your house.
So which improvements are worth investing in? The most important home improvements are going to be the most practical. This would include work such as furnace replacement, plumbing updates, insulation fixes, odor removals and resolving electrical issues. If your front yard resembles a smaller rendition of the Sahara Desert or the Amazonian Rainforest, this is also something worth rehabilitating. After all of your foundational improvements are in place, it is worth looking at two other vital points of interest: The kitchen and the bathroom.
The Kitchen: A nice kitchen has the ability to determine the success of a home sale. It also can provide one of the greatest returns on investment if done properly – Typically anywhere from 86%-100% or more. Plan to optimize your money back by budgeting for approximately 6-10% of your total home value. In order to decide which components of your kitchen are most worth remodeling, consider the steps listed below:
- Speak with some local realtors: They will know what is selling and which trends are in throughout your area.
- Focus on on convenience: Adding small embellishments such as additional cabinet space, more pantry space, granite countertops and updated appliances typically result in a good return on investment.
- Neutralize: If the color theme in your kitchen is a bit extreme, consider neutralizing. Light, neutral colors are almost like a blank canvas that future home buyers can make their own.
- Make it practical: As anyone who spends time in the kitchen knows, this room can easily become crowded and navigationally challenging. This presents a problem with there is hot food and slip risk drinks involved. Definitely consider altering the layout if your kitchen not provide adequate moving space or if features like cabinets are awkwardly positioned.
The Bathroom: For many people, the bathroom is the room associated with the day’s preparation and end. Because of this, it is important to consider updating or fixing your bathroom when remodeling. As displayed below, it does not require a great deal of money to really boost the value of a bathroom.
- Prioritize the shower: With our hectic modern lifestyles, few people have the time to take frequent baths. Bathing is still a routine that many find therapeutic, however, so nice stand up showers are typically appreciated.
- Plan for two: Having only one bathroom is no longer practical for many families. Because of this, plan on using your bathroom remodeling budget to add another one.
- Update: Little fixes like re-grouting the shower or sink, removing stains or mold and installing some new fixtures can really improve the overall appearance or look of a bathroom.
- Brighten up: Focus on lighting as a vital component of your bathroom remodeling job. Many people use their bathrooms to get ready or preen and it is beneficial if they can see what they are doing.
With all the options available, it can be difficult to know the most effective way to remodel your house. By focusing on the tips mentioned above, however, you can maximize your chances of having a more pleasant home environment while you are living there while also guaranteeing a maximum return on investment once you sell.