Every homeowner at one time considers remodeling their home for a variety of reason. You may want to add more living space or restructure your home to match your tastes and preferences. One question many don’t consider is whether that remodel is a worthy investment which will pay for itself by increasing the resale value of the property. Don’t be one of those homeowners. Read the following discussion and learn which five home remodels will make sense from an investment point of view and those which will hardly give you a return on your investment once you decide to sell the home.
5 Remodels That Bump Up the Resale Value of Your Home
There is nearly universal agreement that you can never go wrong if you decide to remodel your kitchen in order to increase the resale value of your home. However, you need to ask yourself whether your top priority is what you as an individual want or your priority is to make improvements which will have the greatest effect upon the resale value of the home. Your best bet is to go for carefully planned improvements which don’t require you to tear up walls or move plumbing lines. Such costly remodels rarely give a decent return on investment and yet simple improvements like adding cabinets made from affordable materials give a better return on the investment.
Adding More Living Space
Another remodel which can increase the resale value of your home is adding some living space to that home. For example, a bedroom addition can increase the total square footage of the home and thereby increase its resale value. The expert plumbers at Tureks Plumbing Services warn that the addition should be sizeable enough to justify some of the fixed costs, such as the cost of building a new foundation after tearing up an exterior wall. An addition of a few square feet makes the remodel to lose economic sense from an investment perspective.
Improving the Curb Appeal
As you may know, the way a product is packaged plays a big role in how potential buyers regard that product. In the same way, the external appearance of your property can increase or lower the resale value of your home. Our friends at Headwaters Construction Inc. say that any remodel that improves curb appeal, therefore, has a positive effect on the resale value of your home. Giving the exterior walls a new coat of paint is one simple project to boost the curb appeal of the property and increase its resale value. If resources allow, replacing old windows and exterior doors can also give you a decent payback when you sell the home. Remember, first impressions count, so ensure that your home gives a favorable first impression.
The Master Bedroom
The decision on whether to buy one home and not another rests squarely with adults. It, therefore, makes sense to remodel the master suite so that it is more appealing to the adults who will live in that home. Once again, opt for upgrades which aren’t very expensive and yet they improve the beauty and functionality of the master suite. For example, an inbuilt walk-in closet is an affordable improvement which will appeal to the adults who will live in the master bedroom.
The bathroom is another section which can make or break the home in terms of its resale value. Fox Valley plumbers recommend that you pay the most attention to the bathroom in the master suite as well as the one in the guest room rather than on the one for the kids. Make simple adjustments to the cosmetic appeal of the bathroom, such as installing new faucets and repainting the walls rather than major changes to the layout.
5 Remodels That Hardly Improve the Resale Value of Your Home
A pool should be down your list of priorities if you would like to make improvements which can increase the resale value of your home. Plumbers in Appleton WI explain that while many homeowners would like to have a pool on their property, few of them are willing to incur the cost of maintaining those pools so they leave pools on the list of nice-to-haves rather than priorities. Consequently, it doesn’t make sense to add a pool to your home if you are primarily interested in increasing the resale value of that home.
Similar to pools, kids’ spaces, such as climbing walls, aren’t the ideal remodel to think about when you want to improve the resale value of your home. The kids will be thrilled to have such a space, but the adults who make the buying decision may wish that the space was used for something else, such as a man cave.
Wine rooms only appeal to wine enthusiasts, so don’t expect the addition of a wine room to increase the resale value of your home. You are better off investing in a home improvement which will appeal to most homebuyers rather than investing in improvements which appeal to a small niche of property owners.
Tearing out an exterior wall in order to enlarge your kitchen or bedroom by a few square feet will not give you a good return on investment because the fixed costs (roof, foundation, etc.) of the project will make such an addition uneconomical. Our friends at LMS Garage Doors add that making small improvements can increase your home’s value. Those who upgrade their home’s garage door can see about a 4% increase.
It is equally unwise from an investment point of view to remove an existing feature in the home, such as a fireplace, in order to repurpose that part of the home. Potential homebuyers may not appreciate the removal and they will opt for other homes which still have that feature.
At the end of the day, the property is currently yours and you are entirely free to implement whatever remodels you see fit. Just bear in mind the discussion above and don’t expect too much from a remodel that is a non-starter in terms of improving the resale value of the home. However, you can never go wrong when you focus on making the plumbing system the best that it can be. In that aspect, Tureks Plumbing Services is standing by to receive your call so that our professionals can get to work and fix anything that may not be performing at its best.