5 Ways to Make Your Home Remodeling Projects Pay Off
There are many reasons to take on remodeling projects around the house. For some people, it’s all about creating their ideal home and enjoying the improved functionality and cosmetic appeal that upgrades offer. But most homeowners are also savvy enough to see the potential for such projects to pay off down the road when they go to sell their property. So if you’re looking for ways to ensure that your renovations deliver the best possible pay off, here are a few tips to make sure that your home improvement projects meet all your needs.
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1. Choose wisely.
It turns out that some home improvements tend to show more of a return on investment than others. For example, remodeling your kitchen or master bath will likely show a better percentage of return when you sell than doing an overhaul on the living room, office, or bedrooms. Of course, this could depend on how much you spend on your project, when you sell, the state of the housing market, and a number of other factors. But if you have a budget set aside for home upgrades, it’s in your best interest to choose the projects that are most likely to pay off.
2. Save money
While you don’t want to go too cheap on your renovations, you also don’t want to overspend. It’s only common sense that the less you spend the more you stand to gain, but you must temper this with quality since shoddy upgrades could actually hurt your chances of selling. So instead of replacing the linoleum in the bathroom, you might want to upgrade to tile, just for example. Luckily, you can still save by adopting a DIY attitude on simple projects, choosing materials that provide the best look at the lowest price (like faux stone rather than the real deal), and possibly even installing eco-friendly upgrades meant to save you money on utility bills while you’re still in the home.
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3. Cosmetic surgery with renovations
Many people think that a complete overhaul is the only way to renew an outdated kitchen or bathroom, but this is hardly the case. Why go in with a sledgehammer and gut the place at major expense when you can use a precision cutting tool instead and get a lot more bang for your buck? If you want your home remodeling projects to pay off, you need to consider what you can really expect to get back. If you spend $30K on your kitchen, you’re not going to be able to tack it on to the price of your home without alienating most buyers. But if you can spend half that or less on some touch-ups while leaving some of the foundational pieces, you’re going to increase your chances of selling, even at a slightly elevated price.
4. Consider your sale date.
Home remodeling only pays off if you sell your property in a timely manner. Whether you go for modern upgrades or you revamp your interior in a timeless style, you have to be aware of the fact that trends come and go. If you want to see the most return on your expenditure, you need to sell within a few years of upgrading.
5. Check the competition.
Knowing what’s going on with the real estate in your neighborhood can help you to determine whether your planned upgrades are over the top. So call up your agent at Coldwell Banker, Century 21, or Greenwood real estate to find out if other homes that are selling in your area have had major upgrades done, and check sites like Zillow and Trulia to see what prices in your area look like. If they’re lower than you anticipated, you might not want to do major remodeling.
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