Renovating To Increase Home Value: 3 Points To Consider
June 9, 2017 | Ramseier Realty Group
Many people make home upgrades when the time comes to put their home on the market, whether they're minor fix-ups or significant improvements that come with a high cost. However, it's important to determine what will improve the value of your home and what renovations you can forget before you move forward with any updates. If you're wondering how to plan for your improvements, here are three points to ponder before renovating with intent to increase your home's value.
1. Make (And Stick!) To A Budget
If there's a certain offer price you're looking for on your home, it's important to go into home renovations with a clear head and decide beforehand how much you're willing to spend. Remember, this should be approached as an investment and an opportunity to bring a higher offer to the table when you do put your home on the market. In that frame of mind, approach the remodel from the perspective of potential buyers. Your goal is not to create YOUR dream bathroom, for instance, it's to create a lovely bathroom within a sensible budget which most anyone would appreciate. Crunch the numbers and do your research. If you find you really only have a budget of $200, then a little fixing up, adding a coat of paint, or removing some outdated design features may be the smart solution. The important thing to keep in mind is that once you've decided on a budget, you should stick to it! Seem overwhelming? Here's a good read from HomeAdvisor to get you started: How Much Does it Cost to Remodel Multiple Rooms?
2. Choose Complimentary Improvements
From year to year, what's popular in the design market changes and it can be tempting to try and test out the trends in the hopes of garnering a higher price. However, simply because something is trendy does not mean that it's going to flatter the aesthetic of your home. Instead of choosing things that are trendy but out of place, opt for changes that will complement the home you have and add value at the same time. Once again, do your homework. Choose timeless styles and materials that mesh well with the overall style of your home. Does your renovation include the exterior of your home? Then you need to consider the style and color palettes of the homes around yours. Have you ever been driving through a neighborhood full of homes in neutral colors and come across the one home painted pink? Don't be that homeowner.
3. Re-Consider An Extra Room
In recent years, the idea that quantity is more important than quality has emerged. The concept, undoubtedly, stems from the theory that, for example, a 4 bedroom home will sell faster than a 3 bedroom home. It might seem like that extra bedroom is ideal no matter what, but if you're cutting into your kitchen, living room, or extra space, it can completely change the aesthetic of your home. With open floor plans becoming more popular, you may want to stick with fewer, larger rooms.