The
classic way for homeowners to increase the value of their
house is by remodeling existing rooms or adding on to
its current plan.
Some choose to build recreation rooms and studies while
others add new appliances, fixtures and cabinets to enliven
rooms and make their home more attractive to future buyers.
But, when should you decide to stop sinking money into
a home and buy a bigger place? And how much rehab is too
much when it comes time to recovering remodeling costs
through a home sale?
For instance, if you’ve just spent $1,000 remodeling
your living room and didn’t expand your small bathroom,
the chances of increasing the number of interested buyers
are slim.
With these concerns in mind, I can offer a few tips for
those struggling to add value to their home.
First, always protect the character of your home. Nothing
sticks out more than a new addition that is in a completely
different architectural style. Be consistent. Recognize
your home’s character and stay within its framework.
The most financially rewarding areas to remodel are usually
the kitchen and bath. Newly re-done cooking spaces and
cabinets can attract more buyers and may command a slightly
higher price for the home than a comparable one on the
market. Simple repairs that are made to last will bring
you the biggest returns upon sale.
Enlarged bathrooms are the most popular attraction for
new homebuyers, according to the National Kitchen and
Bath Association. Today, the most popular additions for
younger buyers are sunken whirlpool baths and showers.
But be sure to install modest, solid amenities. It’s
easy to quickly over-spend on bathroom fixtures.
Buyers are, by convention, more interested in aboveground
living space – not basements, yards and walkways.
Swimming pools can be a poor investment if installed for
the sole purpose of increasing a home’s value; it’s
rare that a pool’s cost will be recovered in a home
sale. It can also be a negative feature for potential
buyers with very young children.
Replacing worn carpeting, tiles and wood floors can give
your home an immediate advantage over similar properties
in the area. Updating paint colors in all areas of your
home can also prove beneficial.
However, it’s recommended that you use neutral colors,
such as gray, beige and off-white when adding new floor
and wall coverings. Fewer buyers will then turn away because
of differing tastes.
Stay simple with your remodeling and look at your home
as though you were the buyer. Chances are that if you
find the upstairs bedroom could be brightened by a larger
window, potential buyers will probably feel the same.
Don’t go overboard. Concentrate on improving two
or three deficiencies in your home. More than likely,
the time and money you spend adding quality to your home
will be rewarded with greater profit at selling time.
Contact
us for more info on remodeling your Saratoga home...
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