For those interested in selling their home, there are several things that can improve both the marketability and livability of a property. With the right choice in home remodeling projects, it is possible to add value to the home and recoup the costs of the additions or updates that were done. Don’t just dive right into a remodel. There are several things to keep in mind.
Evaluate the Market
You don’t want to invest a lot of money into a home where the neighborhood will detract from the selling price and upgrades. Evaluate the comparables in the market. If all the homes have two bathrooms and you only have a single bath, you would become more competitive by adding another one, or at least a half bath. You also need to remember that expensive finishings or over-the-top additions can outprice your home from the neighborhood. Take into consideration the demand for your neighborhood, as a market that moves quickly may not need upgraded homes.
Evaluate the Best Investment
You may have a particular look that you want to see, but if you are selling a home, think of the buyers. You need the most return for your home remodeling investment. Data shows that bathroom remodels or additions and kitchen remodels yield everything you initially spent. Replacing windows, the roof, or siding, as well as adding a family room, a deck, or second story can return up to 80% on the investment. Attic and basement conversions only bring about 60% back, while reconfiguring a room for a home office tends to bring less than 60% return.
Keep in mind that home remodeling projects do not need to be expensive or showcase the most elaborate materials in order to bring a return. They should be timeless and support the flow and feel of the home. A professional contractor can give you great insight into which projects would be the most cost-effective yet offer the greatest improvement to the house.