Tips to help you make the right remodeling decisions that will pay off in the long run.
Remodeling your home is a very exciting concept but, like a lot of things, the actuality can be much different than the dream. If you are planning to stay in your home for a long time, perhaps forever, then your remodel options widen as you’re simply looking to please yourself. But if you’re looking to sell your home, either immediately or in the near future, then the following guidelines and tips may help you plan and carry through with your remodel.
Energy efficient upgrades are a good way to go…typically. More people are concerned with the environment today than ever before, and many of those people love homes that have green or eco-friendly features. An added bonus is that if you’re planning to get a loan for your renovations, an energy saving upgrade can help you qualify for that loan. While you’re living in your home you can also begin recouping the savings.
The only time an energy efficient upgrade is not a great idea is when your home is so horribly outdated or run down that the upgrade won’t mean much, if anything, to the prospective buyers, or to you for that matter. Any sort of green or eco-friendly upgrade should be done to structurally sound homes or the advantages will be outweighed by the home’s inefficiency.
Remodeling Magazine conducted a survey in 2004 that is probably still pretty accurate. They found that minor kitchen remodels bring back the greatest return on your investment, closely followed by new siding. The curb appeal of new siding is clearly evident and may be something you want to consider. The returns on kitchens might not be as obvious.
Kitchens and bathrooms are actually very trendy rooms and what was hot and popular 10 years ago is passé now; in fact what was cool 5 years ago is currently waning in popularity. This means these two rooms are quickly outdated and can discourage potential buyers who are exposed to new homes and open houses regularly. If you’re being conservative go for a quick update in both of these rooms. If you want to really make a statement, go all out and give your kitchen and bathroom a total makeover. You’ll recoup most of your losses for both of these rooms so you can afford to splurge.
The number of bathrooms you have also can affect your resale value. If you’re looking to remodel your home, not just a particular room, you might want to consider adding another bathroom or water closet. Large closets can be converted pretty easily and will greatly increase the value of your home, and may also increase the convenience to you, the current resident.
Remember when you’re doing your renovations to take the rest of the house into consideration. A new kitchen with Corian countertops, natural wood flooring and top of the line appliances may feel like a dream but if the rest of the house is run down then sinking a mint into a new kitchen probably is not a good idea. The best home improvement projects are the ones that improve the overall value of the home, not just one specific area.
