Architectural Spring Cleaning
How much should you spend redecorating or remodeling your home?
Ready for a new look for your home? Looking for a fresh way to increase the value and functionality of your home? Redecorating or remodeling your home may be just the project you've been waiting for. However, making the decision to renovate is only the first hurdle you will need to face. Next comes the ever-present question of money. How much should you be spending? How much is too much? It's extremely easy to go overboard on a redecorating or remodeling project, and this can be a very expensive mistake that you may never make up when it comes time to sell.
Therefore, when you're looking into a renovation project, your first question should be the following:
Would it make better financial sense to remodel your home, or to sell it and buy a new home that better meets your needs and expectations? Also, will the renovations to your home pay themselves off when it comes time to sell, or will you be pouring money into your home that you will never recover at sale time. To answer these questions, there are a few things that you will need to consider.
What are you looking for in your remodeling? Are you looking to renovate the existing rooms of your home, or add to its current structure?
By renovating your existing rooms, you may choose to finish your basement, make a recreation room, or even add new appliances, fixtures, and cabinets to give the home a fresher, more modern feel. This enlivens the rooms of your home and makes them much more attractive to future buyers.
However, you will need to decide how much is enough for your renovations, and when you should stop spending more money. You need to know when the remodeling costs will stop being recovered by the selling cost of the home. Furthermore, you need to know when you're adding value to the cost of your home, and when you're just adding value for your own use.
For example, if you spend $1,200 remodeling your TV room, but leave the tiny old bathroom the way it is, the chances of increasing the value of your home's selling price, or increasing the interest of prospective buyers is very slight. This is fine if you intend to live in your home for many years to come, and you'll be getting a great deal of joy from your renovated room.
However, if you don't know how long you'll be staying in your home - perhaps you'll be looking into something different, or changing neighborhoods or cities in the next few years - there might be some projects that will be much more valuable for adding to your eventual selling price.
Therefore, consider the following tips whenever you start thinking about any major project in your home. This way, you'll be adding value in dollars, as well as your own enjoyment:
Maintain your Home's Character - No matter what you do to your home, make sure that it compliments the rest of your home's architecture. The look of your home should be consistent throughout.
Renovate the Moneymakers First - There are certain rooms where renovations mean more come selling time. These include bathrooms and kitchens first. By remodeling your cooking areas and cabinets, your house will sell for a notably higher price than similar homes in your area.
Keep it Simple - The simplest, but longest lasting repairs make all the difference to a prospective buyer.
Go to the Bathroom - The single most wanted feature that home buyers seek when home shopping is larger bathrooms. If your home has a Jacuzzi, brand new shower stall, as well as modest and solid amenities, your selling costs will soar.
Traditional Spaces Count - Concentrate on the living spaces of your home instead of your basement, lawns, and walkways, if you have buyers in mind. Similarly, pools almost never recover their cost at selling time. Furthermore, more people find
a pool a negative feature than a positive one, so it may limit your buyers.
Bring your Home to Life - Give your home fresh new life by replacing any worn tiles and carpeting, or add wood flooring. A fresh coat of paint throughout your house will do wonders to making it look bright and new. Keep the colors relatively neutral.
Don't Go Overboard - Concentrate on improving a few of the major deficiencies of your home. This way, the money you spend will lead to a larger profit at selling time.
When it all comes down to it, make sure that you're making changes that you can enjoy, too. It's all well and good to remodel your home to increase its value, but remember that you need to live there! Make it a place that you'll enjoy to its fullest until selling day does eventually come.
