06 Oct Remodeling as an Investment
Many of the clients we come across are at a point where they need to remodel their space. Not just for their own sanity but to increase and create more value out of their home. A remodel can be a huge investment, but only if it is done right and smart then the payout can really be worth it in the end.
It is no secret that kitchens and bathrooms sell homes, most people looking for a home start here. These tend to be the most costly room in the home to remodel, however in most cases they pay for themselves. According to Remodeling Magazine kitchen remodeling in the $50,000 to $60,000 range recoup about 68% of the initial project cost. Other rooms such as family rooms and master suites also offer additional value to a home.
Another thing to consider is just because you put a lot of money into a space doesn’t necessarily mean you will get your return on that investment. For instance with a kitchen some of simplest “cosmetic” things can increase your value. Think paint, updating appliances, and refinishing surfaces. If you are on a limited budget make sure to spend it wisely to get the biggest bang for your buck!
Another very important factor to think about when remodeling is the neighborhood. If your home is already at the top of the market, you probably don’t want to do some extravagant remodel that won’t get you your money back. It puts you far outside a reasonable and fair price range for the area.
There are many things to think about when it comes to your remodel especially if you plan on selling the home. There are many helpful tips online including This Old House which goes into a lot more detail about the Do’s and Don’ts of your home remodel.