More Renovations are not Necessarily Better. Before you begin any major projects, it’s important to assess your home’s value and the neighborhood it’s in. Determine what it will be the approximate return on the investment (ROI) based on the current market value or how long you plan on staying in the house.
Be sure that your home renovations will add to the value of your home, but also aware that getting too extravagant may not bring the ROI you’re expecting.
The value of remodeling projects depends on several factors. First, take in consideration how old is the structure of the building, as well as, the general condition and the real need for the home-remodeling project.
The appearance of a house on the outside is what gives an initial and lasting impression. Keep the exterior paint in good condition with no flakes or chips and roof should be clear of damaged shingles.
If paint on window shutters or trim is chipped, a new coat will refresh them and give your house a whole new look. These are inexpensive investments that are worth the cost.
Bath and kitchen areas are the most important rooms within a home. Remodeling a kitchen or bathroom can cost thousands of dollars but in many cases all they need is some sprucing up with paint or new floor material.
If the kitchen cabinets are in good condition, do not replace them with a complete kitchen remodeling job. They can be sanded and painted or stained for a lot less money. Replacing the knobs and handles will do the job as well giving them a whole new look and won’t cost a great deal of money.
Replacing an antiquated bathroom vanity and an old toilet is not very expensive and is not considered a major bathroom remodeling job. New bathroom fixtures from bathroom designer warehouses at cut-rate prices are also good options. Updating an old sink is as well inexpensive remodeling task. All these home-remodeling projects are worth the investment.
Be aware, that you don’t want to do work that makes your house worth $800,000. when the average market in your area is only $500,000.
Certain home renovations are a win-win situation, providing enjoyment to you, the homeowner, and then making your home more marketable, and worth more, in the future. Other renovations, however, can set you back thousands with no guarantee of future payoff on the Return of the Investment (ROI).
Don’t exceed the ceiling for the value of the homes in your neighborhood, or you won’t get your money back. Remodeling can cost a pretty penny, however it can provide significant returns when it comes time to sell your home, if you do it right!