Home Remodeling Raises The Value Of
Your Home
Home remodeling is thriving. Maybe it’s because old houses are starting
to need the tender love and care that owners have been conveniently
harboring for other matters, maybe it’s because the baby boomers are finally
starting to settle down and make comfortable and livable niches for
themselves, maybe it’s because peer pressure and shiny ads have finally
gotten to everyone, all at once. No one is sure – all we know is that home
remodeling is hot.
Home remodeling has the obvious
advantages of transforming your space into your space, customizing and
designing it according to your individual needs and wants. It also updates
outdated and outmoded appliances, structures and designs and can add usable
space in your house. The comfort and pleasure you get from your newly
renovated space is an obvious plus.
But remodeling has another, equally important advantage – it increases the
value of your home. Whether you plan to move out soon or stay put for a good
long time, it’s worthwhile to consider what influence the remodeling job you
are planning will have on the value of your home.
Certain remodeling projects are more likely to recoup your costs for you
when you sell your home. For example, both a minor kitchen remodel and
siding replacement recoup a national average of 93% upon sale. A mid range
bathroom remodel recoups 90% and a mid range bathroom addition recoups 86%.
A basement remodel recoups about 79%.
The above numbers are very loose suggestions for what you will gain back
upon the sale of your house and there are many factors that contribute to
how your particular remodeling project will account in the sale of your
home.
For example, the national average does not reflect local economies and house
markets. A stagnant local economy has led to homeowners recovering an
average of 65% of money spent on remodeling projects while in some
economically active areas homeowners recoup an average of 109%. People tend
to make more of their money back if they wait longer to sell after the
remodel job. By the same token, don’t wait too long as the remodeling job
will wear out and have to be redone.
If you are remodeling in order to increase the comfort and usability of your
home then you are probably going to pick areas that need attention, which
may or may not be the areas that tend to be most profitable in the house
market. However, the following are some suggestions that may help you recoup
the maximum possible when you remodel your home.
First, if you are still deciding what project to do, think about the fact
the some projects consistently recoup more money, kitchens and bathrooms
topping the list without fail. On the other hand, pools and
decks tend
to make back least. There are some geographical variations – decks built in
areas down south will recoup more than those built in the northeast, for
example.
Second, low priced projects usually have a higher cost recovery than more
expensive, more upscale remodeling jobs. People are willing to pay for
something that increases the quality of the space in their potential new
house, but they do not want to pay for lavish renovations that you splurged
on, especially if they wouldn’t have done it themselves. A mere facelift in
a kitchen will probably pay back more than a complete redesign. This tends
to vary by neighborhood and can depend on the prices of the homes in the
neighborhood.
Either way, if you want to make your money back upon sale, do not remodel to
make your house the most expensive in the neighborhood. Although this will
certainly attract people to the house, not many will be willing to pay the
price. If someone is willing to pay more than what the majority of the
houses in the neighborhood are worth, chances are they will just look for a
home in a different, more expensive area.
And lastly (this is always the most sensitive point), be wise with your
designs. If you know that you are planning to sell, try to stick to neutral,
sellable designs. Neutral designs are easier to market and people tend to
prefer them because they are easier to modify to personal style. When people
buy a home they want to make it theirs without, for example, a rhinestone
fireplace or intricate designs making them feel like strangers in someone
else’s quarters. If you feel like neutral designs would really stifle your
style and make you feel like a stranger in someone else’s abode while you
live there, try decorating using techniques that are easily altered, like
wall colors that you can quickly repaint when you begin the process of
selling.
Be wise with the remodeling choices you make and research them before you
jump into demolition or buy matching grout for seven rooms. Each area is
different and this could work out either well or poorly for you. With some
quick investigating you can decide which remodeling project is most
appropriate and how to go about it in the best way.
And remember, there’s a good amount of value in your enjoying your
renovations as well. This can’t be measured in dollar amounts, but isn’t
that true for all of the most valuable things?
About the Author:
When you've decided on your remodeling project check out
http://Barefootremodeling.com
for help picking out everything you need for it.
If you are looking for a home remodeling contractor in New Jersey,
then please call Ron (856.981.7569) or Joe ( 267-471-1998) today or
complete our online
estimate form.
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