Remodeling can significantly increase the resale value of a home. However, not every homeowner is skilled in the art and science of remodeling. Many homeowners will approach any remodeling project with the common thinking that they will make their home more attractive and “new.” Some may even try to tack on improvements after the fact, but beware of doing so.
Good remodeling plans for projects like painting or flooring replacements should always include realistic expectations about how long it will take, the costs involved, the potential benefits, and the level of satisfaction you can expect from the project. The majority of home buyers are not experts at budgeting, remodeling, or maintaining the home they want to purchase. Good remodeling projects that add value will result in a higher real estate price when the time comes to sell your home.
Good remodeling plans for small updates can be implemented quickly and easily with minimal financial outlay. For instance, small improvements such as replacing the tile in the bathroom, adding new countertops, or new toilets, will not cost a lot of money, will take only a few hours, and will most likely add more value to the home than similar minor upgrades. Bathroom renovation ideas can range from a simple paint job to a complete bathroom overhaul including new flooring, plumbing fixtures, cabinets, toilets, and sinks. Bathroom remodels typically take the most amount of time and energy out of the process, but will result in the most value added to the home. Updating the bathrooms in the master bedroom can also add resale value to the home. Remodeling the master bedroom will require additional funds for major appliances, new flooring, or installing a walk-in shower, but will still result in a larger sale price.
Kitchens are one of the largest expenses in any remodeling project. A simple improvement such as a new stovetop or microwave oven can make a huge impact on the way the kitchen looks and feels while adding value and functionality. Long term homeowners that cook a lot do well to invest in high quality kitchen renovation ideas. A simple improvement such as installing new cabinetry and countertops can go a long way in improving the appearance of the kitchen. Many remodeling professionals consider a white kitchen the most appealing, but a more customized approach may be able to produce additional aesthetic benefits.
When looking at kitchen remodeling ideas homeowners should focus on improving the efficiency of the appliances and improving the overall “flow” or style of the space. Energy efficiency can be a major selling point and it can help to recoup some costs from the home renovation process. In addition, buyers that see that energy efficient appliances were used will be more likely to purchase the same appliances in the future. Replacing old, inefficient appliances with newer, more efficient models can also increase the value of the home. Upgrading to a better refrigerator, or adding a top of the line oven could also bring positive response and increase the home value. As energy bills are one of the largest cost for new homes, these simple upgrades can have a dramatic impact.
Another important aspect of kitchen and bathroom renovations is to think about the ROI (Return on Investment) of the project. In other words, how can homeowners benefit from the project? For example, if homeowners spend a significant amount of time and money remodeling the kitchen but do not add any appliances to the space, then the money spent on the remodeling will not pay for itself. Homeowners should not only think about the immediate result, but also the long-term effects that their remodeling decision may have.
One thing that many homeowners do not think about is the effect that remodeling decisions may have on the neighborhood. While most buyers think only of the home itself when shopping for new property, they should also be considering the surrounding neighborhood. New, upscale homes in affluent neighborhoods should always be considered for the same reasons that high end new cars and electronics are always great buys. A neighborhood that looks great and is in good condition is an asset to all homeowners.
When remodeling an existing space, prospective homeowners should not only think about the immediate result, but also the long-term effects that their decision may have. For instance, a remodeled kitchen may not increase the value of the house but it might increase the demand for and sales price of the home. Likewise, a bathroom might not increase the value of the house, but it could provide homeowners with the extra comfort and convenience. If a homeowner remodels the kitchen or bathroom and adds fixtures and appliances to the space, he or she should expect to see an increase in the value and demand for the house. Potential buyers who see these improvements will also want to come and see the new space. This is where remodeling gets valuable.