Some renovations are motivated strictly by your own desires and needs, such as a bathroom renovation to fix a bathtub you can’t relax in. However, you can also approach a remodeling project from a financial mindset and focus on increasing the property’s value. This requires more planning and consideration, but it pays off whether you’re planning to sell now or get a bigger return on your investment sometime in the future. Work with a trusted construction company such as econstruct on any one of these projects and you’ll soon see your home’s value go up.
How To Renovate With Your Home’s Value In Mind
FRONT DOOR SWAP
Want a quick boost that is sure to work? A brand new front door ranks highly on the list of profitable improvements, especially if the door’s style matches the exterior of the home in a meaningful way. Even a coat of paint pays off handsomely compared to the small amount of time and money invested in the project.
TARGET PROBLEM AREAS
Of course, any major leaks or drafts will greatly improve your home’s chances of selling. A major overhaul such as brand new windows or a basement finishing job can turn a fixer upper into a hot commodity. Get these projects completed before the first inspection and you’ll enjoy the most favorable offers from the first moment the house is on the market. Don’t try to shoehorn different elements together in these renovations, like inserting abstract art chandeliers in a classic farmhouse dining room.
Can you stick in a new bathroom or closet by partitioning off a corner of an existing room? These kinds of “invisible additions” add a lot of value if the home’s rooms are already oversized. Many newer homes feel too big for couples and single buyers, so making some of that space more useful can draw in those kinds of buyers. Even just room improvements, such as finishing an attic space into a comfortable bedroom, can net you nearly 90 percent of the money you spend back in increased home value.
Check out the local real estate market and measure the demand for energy efficient housing. If you’re located in the heart of a green building boom, your best bet might include solar panels, high-tech insulation and improved natural lighting. Start with small additions that cut your energy bills right now and see how the buyers react to your upgrades before going overboard with green investments. Stick with time-tested improvements in the water heating, home temperature control and automation fields for the biggest returns.
WEIGHING THE COSTS
Keep in mind that it’s rare to get back 100 percent of what you put into a renovation, so let your personal preferences sway the decision at least a bit. Adding in a fancy spa steam shower that you personally never use is a waste if you’re not going to sell for another five years. Make sure every remodeling project and renovation plan still fits your lifestyle unless you’re trying to immediately sell the house.