Recoup Remodeling and Addition Investments
Many things enter into the equation when it comes time to remodel or add an addition to your existing home. Do you plan on staying in your home for a period of time, or do you plan to sell it within a year or two.
If you plan on staying in your home, then it would make sense to do whatever will make your family more content. You can add additional rooms and baths that will accomplish that. You can paint the bright colors you like and forget about others who may not agree with you. You can change the outside to be the best in the neighborhood because you like it that way.
However when you plan on moving in a relative short time, remodel with the goal of recouping your investments. A suggestion you may not have thought of is to contact a realtor in your area who can give you advice. They will be able to tell you what to expect before you begin to remodel or build additions to your home.
One of the mistakes people make is to focus only on what they like and don’t take into consideration other potential buyers. Major kitchen or bath remodels would bring approximately 92% return on your investment. However minor kitchen or bath remodels could bring up to 125% return. When you consider how long your home would be torn apart for the major remodels, you may decide against doing the major ones and stick to the minors.
Basic color schemes work in the same way by blending the walls, ceilings, and floor. Wallpaper has the opposite effect. If your remodels are extreme they may turn the conservative prospective buyer totally away from buying your home.
Don’t neglect the curb appeal to the front of your home. Prospective buyers look for attractive homes with well thought out landscaping. Many don’t want the home to stick out in a modest neighborhood, but will look elsewhere to find a home that fits in well with the neighbors.
Research is the best and smartest way to find the answers you’re looking for. If you plan on reselling in the near future, whatever you do to your home will be the deciding factor whether or not you receive the 100% return on your investment.
So choose wisely, but if you remodel only for your family’s enjoyment and aren’t interested in total returns, go for it. In that case, you and your family are the only ones to please.