When it comes to remodeling, some changes are going to net you more return on investment than others. Sometimes this return comes in the form of property value while sometimes the return is more enjoyment and possibly usefulness for you while you are in the home. Either way, there are many positives to a remodeling project that can keep you reaping the rewards for years, while some seemed like a good idea at the time. If you are considering a remodeling project of any type, it is important that you think it all the way through before you start so you can avoid projects that waste money or leave things worse than they started. Here are a few suggestions to see if a project ill be worthwhile.
Improving the Look
One of the best remodeling projects that you can undertake with respect to average cost versus average increase in resale value is adding or replacing garage doors. Homeowners that take on this project typically recoup about 94% of their home’s resale value even if it’s just a change for cosmetic reasons. Replacing siding with a manufactured stone veneer has a similar cost-to-resale value increase with about 92% cost being recouped. This says a lot about how changing the look of your home can positively affect the value.
While not every project will make your home value skyrocket, most cases you will recoup most of your money if you are making improvements to the overall look. Replacing siding, windows, front door or entryway can all make your home look more like you want it without causing you to lose much cash value in the process. Just make sure these improvements match other details that you don’t plan to change throughout the home.
Another big consideration when making your remodeling plans is how the remodel will affect the functionality of your home. A big example here is the kitchen; not only can you change the look of your kitchen but a remodel gives you a chance to change the way it works for you as well. Adding or updating appliances, moving things around or opening up your kitchen floor plan can not only make the kitchen look better but can make it easier to use as well. The same goes for some other rooms in the house where remodeling can change the functionality, think about the bathroom.
Depending on the size and type of remodel you do to make functionality changes, you can see a nice improvement in your home’s value as well. Going back to the kitchen remodel example, minor functionality changes can get you around 72% return on investment. Even more expensive major remodels can get you around 57% of your money back in your home’s asking price. Bathroom remodels are similar, netting you 60-70% or more of your costs in home value.
The biggest thing about a remodel is that you don’t go into it blindly and overspend or under plan. We have many contractors, decorators and other remodeling professionals that can help you make the right plans for your needs and help you avoid mistakes while keeping your project easy on the eyes and the wallet. Please reach out and let us know how we can help be you. We want to be your real estate resource for life.