Whether you are selling your home or staying put, a renovation, even on a small scale, can improve the value of your home.
When it comes to home renovations, it is important to be smart about how you spend your money. If you are planning to sell your home in the near future, a large-scale home improvement may not have the desired payback in the short term.
And when you choose to remodel, pay attention to some of the trends taking place in new home construction, which signal what the competition will look like down the road. Choose the right improvements today, and you may be better positioned to sell your home when the economy picks up.
Keep the following tips in mind if you’re thinking of investing in an addition or a significant remodel:
Choose your remodeler with care: Select a professional contractor with experience, knowledge of local codes and a good reputation for quality work.
Focus on tried-and-true performance: Remodel to your needs, of course. But before you finalize your decisions, research the improvements that will likely bring you the highest return on your investment. A minor kitchen remodel should return more than 70 percent according to recent reports. Adding a bathroom pays back more than 53 percent.
Practicality makes perfect: During the latest housing boom, remodels were all about big and bold. Now there is less emphasis on luxury and appearances-for-appearances-sake. Take advantage of that trend with a focus on practicality in your remodeling project. You’ll make your home more competitive at resale, and your dollars will stretch a lot further.
Multi-function = broader appeal: For today’s busy families, efficiency is essential. Can you repurpose an existing room to make life easier? Add a laundry room to save going downstairs? Increase the size of your kitchen, so you can convert the dining room to a guest suite? If you’re thinking of creating a family room in the basement, complete the project with a convenient bathroom addition.
Never enough baths: If you’ve ever waited in frustration for your turn in the bathroom, you know that just about every home could use a spare bath. Even in rooms where there is no easy plumbing solution, a macerating toilet system might be the answer. Macerating, or up-flush, plumbing gives you unlimited flexibility, because there is no need to break through the floors to install drainage piping, which adds substantial cost to the project.
For more ideas on how to prepare your home for sale, call The Dan Cooper Group. We have the professionals and complimentary staging advice to help you get the most for your investment.