Whether you’re buying or selling a home, it’s important to think in terms of value – that is, the value that you get simply from owning a home. Much of that value comes from the structure itself and general property values in your area. But a great deal of it also comes from what you do to the house – and what you don’t.
Some remodeling choices add value to homes; others subtract value. Some unwise remodeling choices also can make a property extremely challenging to sell.
The majority of remodeling projects cost more than the amount your home’s value will increase. That’s not always the case, but you shouldn’t assume that undertaking a home-improvement project will put more money in your pocket when you sell the home than you shell out to complete the work. However, some types of projects come closer to paying for themselves when you eventually sell.
Sometimes, it makes sense to undertake certain remodeling projects simply to make the house more attractive to buyers. But the best reason to remodel is to get more pleasure and functionality from your home while you’re still living there. While you’re at it, making wise choices can pay off in the long run.
Here are some of the best ways to get the most value from your projects:
Invest in a great kitchen and bath
People are using kitchens to entertain; after all, the kitchen has become the heart of the home – the place people like to gather. So it’s no surprise that top-of-the-line kitchens can be a great remodeling project.
Homeowners are also cooking more, so solid surface counters in granite, marble, Corian or Silestone are hot, as are professional-quality appliances. Stoves with more than four burners and cabinets in maple, cherry and birch are guaranteed to make even the most jaded homebuyer swoon.
Bathrooms have become private havens, and more people are adding luxury master baths with jetted tubs or steam showers like the ones often seen in spas.
Use wood (or tile or granite)
Natural materials or synthetic materials that look natural (like laminate flooring) will attract buyers.
First impressions count
Make sure your home looks great from the outside, because a well-kept home always adds value. Drive down your street and check out the neighbors’ yards. Then grab those hedge clippers and get to work. Think landscaping isn’t a big deal? Mature, beautiful trees can add thousands of dollars in value to a property, according to appraisers.
And don’t underestimate the power of the porch. Front and back porches are back and in high demand.
Fix it now
It sounds obvious, but fix what needs fixing. If something’s broken in your house – however minor – it’s a big value-detractor if it is still broken when you decide to sell your home. Even if you’re not selling in the near future, fixing a problem now can help avoid it turning into an even bigger and more-expensive repair in the future. And consider this: If you’re going to have to fix a problem before you sell your home anyway, you might as well fix it as soon as it breaks. That way, you get the benefit of the repair while you’re still living in your home.
A fresh coat of paint or a new color can do wonders for your home. And if you don’t like it, it’s paint! Just paint over it.
Check out the competition – and get ideas
Visit your neighbors’ remodeling projects and tour model homes and furniture showrooms to check out current design trends and identify styles you like.
Make a list of the improvements you want to make – then rank them in order of importance. You might love to take a jackhammer to your kitchen, but your priorities might depend on your budget – in which case you’ll start with painting the trim.
Ask your Realtor
The value of improvements can vary from region to region and even neighborhood to neighborhood. Ask your Realtor when you’re thinking about a room addition or kitchen remodel if you want an opinion on how it might affect the resale value of your home. And if you’re getting ready to sell, a Realtor can give you advice about which remodeling projects might help your home sell faster or increase its value.
Finally, start with the easy stuff like adding curb appeal, creating a great entry, and repainting rooms before jumping into major renovations. Little changes can really make a big impression.
For more information, visit TexasRealEstate.com. For professional services, contact RE/MAX Genesis at 830-833-2000 or firstname.lastname@example.org.