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To Remodel or Not to Remodel – Is that Your Question?

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Adding an outdoor space is an improvement that adds value to your home.

Do Home Improvements Really Pay Off?

First impressions go a long way in attracting buyers to your home. So if you are thinking of investing in some home improvements to help sell your home, make sure you put your money where it will pay off. Not all improvements will be worth it in the long run.

Before you make a cosmetic improvement, it is imperative that all maintenance of the house is up to date. If your roof is leaking it will not matter to the buyer that you have granite countertops in the kitchen. According to Remodeling Magazine you are less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spend on basic home maintenance like new siding. Siding replacement recouped 92.8 percent of its cost, according to the study. The only home improvement likely to return more at resale was a minor ($15,000) kitchen remodel, which returned 92.9 percent. Replacing roofs and windows were also high on the list, returning 80 percent more at resale.

That doesn’t mean that stainless appliances and travertine in the bathroom do not pay off. Kitchens and bathroom remodels continue to be two of the best investments you can make in your house. Those are the rooms where homeowners spend a good deal of time.

It is always important to consider the value of your home and the local real estate market before planning a remodel to boost the sale of your home. Installing a $10,000 La Cornue range in a $200,000 home does not make sense. Nor does it compute to spend money on a kitchen if you only have 1 bathroom.

Here are a few suggestions to help you choose the right improvement.

Kitchens and Baths – if you live in a hot housing market where upscale housing is in demand, a bath or kitchen remodel makes sense. If you live in a smaller housing market, more modest remodels such as replacing a bathtub with a walk-in shower, or adding a bathroom to your 4-bedroom 1 bath home should be your choice. If you aren’t planning to move in the near future, spend your remodeling money in a way that you will most enjoy. Hate that carpeting and dreaming of bamboo flooring? Now is the time to upgrade so that you can enjoy your investment before selling your home.

Home Maintenance – The glamour of a gourmet kitchen fades quickly if you have water in the basement. Every homeowner’s first priority should be keeping the existing structure sound, it is in most cases, your biggest investment.

Curb Appeal – In all housing markets, curb appeal carries the most weight. If potential buyers drive by your home and are not impressed, they are not going to come inside. Curb appeal can be broken down into two areas, the structure and the grounds. Both need to be at their shiny penny best to get your home noticed. Craig Webb, editor in chief of Remodeling Magazine says, ”What you do on the outside does better than what you do on the inside.” Webb noted that three modestly priced exterior projects ($5,000 to $25,000), namely manufactured stone veneer additions (92%) and fiber-cement siding (84%) and vinyl siding replacement, (81%) are likely to be the best values in 2015.

Outdoor Rooms – Properties these days take longer to sell, and outdoor space is an asset. Some of the more valuable outdoor spaces are areas accessible directly from the most used parts of the home, usually the kitchen or the great room. These are the places where people tend to hang out the most. Having an outdoor space directly off a desirable part of the house serves as an extension of that area.  The nicer it looks, the better the interior of your home will look and will help sell your home.

 

Tagged With: , , , , , | Posted: March 19, 2015