It’s true — remodeling isn’t cheap, but you get a better return on your investment when you improve your home than you do with other costly purchases, such as a new car, vacation or even sometimes a college education.
Real estate is almost always a good investment. Even if you buy high, if you hold onto it long enough, you can still make some money when you sell. But lots of factors can affect the selling price, not the least of which is how the home has been maintained.
According to U.S. News & World Report, three of the five most influential aspects buyers consider when house shopping involve renovation and remodeling. (The two that don’t are location and negative events, such as the house being the site of a murder or natural disaster.)
Size and Layout
Size matters because buyers will not consider a home they think will be the wrong size for them.
Here in America, bigger is usually better. If you bought a small home when you were single or newly married and find now that it can’t accommodate your growing family, you have two choices: sell to some other newly married couple, or add on. Adding on ups your resale value, but the ROI on home improvement is never 100 percent, so don’t undertake a project just to attract buyers — do it because you and your family will enjoy it.
Layout also is important to homebuyers — today’s style is open and airy. If you have a boxy Colonial and you never knocked down any walls, you might have a harder time selling, or be forced to accept a lower price. This is one area in which taking something away really adds value to a home.
Keeping Up Appearances
How old your house is and what condition it’s been kept in are always major selling points. Some buyers are attracted to older homes with all their charming nooks and crannies and built-in hutches, but most feel newer is better. If your home isn’t new, you can try making it look like new.
Besides the obvious — keeping it clean and clutter-free — look at what’s most dated in your home and tackle those areas first. Do you have avocado green tile in your bathroom and the original tub, complete with peeling caulk? Buy a sledgehammer and get to work (but first, contract with a remodeling company that will swoop in and quickly replace the shards and dust where your toilet and sink used to be with shiny, new fixtures).
Staying current and upgrading appliances, countertops and flooring can all help boost your selling price. Just don’t go overboard or get too trendy — it could backfire on you.
If you’re considering remodeling your home, whether it’s for your own pleasure or because you’re planning to sell, call the experts here at Falk Construction — we make everything old new again.