Renovating to Sell? Cost Vs. Value of Renovations
Are you considering renovation projects on your home? Perhaps you’ve seen something in the home of a loved one or online that inspired you, or perhaps you’ve purchased a home that you knew would eventually benefit from getting some work done. One of the first questions you’ll probably ask yourself is “how much will it cost?”
When considering which renovation projects you’ll undertake and why, one of the main things consumers consider is their potential return on investment, or how much the renovations will add to their home’s resale value.
One should also note, there are a lot of reasons to renovate that aren’t resale value-centric. Renovating your home can provide you and your family superior safety and comfort for years to come. For the purpose of this blog, we’ll discuss the topic of renovating with resale value in mind.
While it might be tempting to think your home would sell better if you adopted extravagant, radical ideas, experts warn that some extreme renovations have a surprisingly low return on investment. For example, in-ground pools might take your summer to the next level and provide you and your family a lot of joy, but depending on which geographic location you’re in, buying one to increase your home’s resale value is a dangerous game. In the Pacific Northwest, for example, pools are not in high demand as the weather doesn’t permit year-round usage. That, coupled with increased maintenance time and money and an increase in liability insurance, and your return on investment is pretty much out the window.
One option is always to do minor renovations on highly sought after areas such as kitchens and bathrooms. Uplifting a kitchen by adding paint, new appliances and some other minor cosmetic upgrades is not only less expensive, it’s got more resale value than you may think.
Experts also warn consumers to pay attention to style when performing renovations. While something might be stunning to you, if you’re renovating with resale value in mind, try to picture instead a more classic style. Choosing timeless renovation techniques will ensure that people looking to buy your home don’t see it as a large project themselves.
Are you interested in speaking with someone about your remodel?