Home Remodeling: What Brings Value, What to Avoid
If you are planning to sell your home in the near future—or just want to invest your remodeling dollars wisely, so you can get the best return at some point when you do decide to sell—you need to think about renovations carefully, with a focus on choosing the upgrades and remodeling projects that will boost the value of your property. This is about spending money on things that matter to potential buyers, which may not necessarily be the things that are most important to you. When it comes to increasing property values, you need to put aside your personal preferences and try to be as objective as possible, thinking about what gives you the best chance of a sale, at the best price.
One basic rule of thumb is to try and avoid anything too unique, trendy or unusual. The more original a feature may be, the harder it will be to find the specific buyers who will love that item. By sticking with safe choices, you increase the odds that the property will appeal to the widest possible group of buyers.
With regards to specific renovation projects, there are some things that will bring value—and some that won’t.
Kitchen remodel. Buyers tend to be very focused on kitchens, so investing in that area can really pay off. Sometimes a kitchen can actually make or break a deal. Size is important—the roomier the better. You also want to invest in high-quality materials and modern appliances. Opening up the space so it flows to entertaining space (or at least creating a half-wall that allows for greater visibility) is a great perk for those who like to host get-togethers.
Bathroom update. Along with kitchens, bathrooms are at the top of the list of rooms that matter to buyers. An outdated or poorly maintained bathroom will give buyers a negative feeling about the home in general. Spend the money to give your bathroom(s) some strategic updates or upgrades. If you can expand a bit to make a cramped space a bit more roomy, that will likely also be a smart move. Just don’t go too far: excessively gigantic bathrooms don’t tend to pay off at the time of sale.
Energy-saving upgrades. Many buyers are concerned about being earth-friendly these days, And of course many people are also worried about keeping their utility bills in line. By adding a few green elements like energy-efficient doors and windows, you can get buyers’ interest with the possibility of lower utility bills.
Adding an attic bedroom. Converting an attic into a bedroom is one of the easiest ways to add an extra bedroom in the home. This essentially increases the usable living space available in the property. You don’t need to get too involved with expensive extras. Just making it a feasible bedroom space can allow your home to appeal to buyers who otherwise would consider your home a bit too small to accommodate their family.
Projects to skip:
High-end home offices. A small, basic home office is usually a safe investment since buyers can always convert it to a guest room or other space in they don’t have a need for an office. But don’t go overboard with luxury furnishings and expensive extras, because many buyers won’t appreciate those features enough to pay much more for them.
Custom garage fit for a collector. Garages in general are a great feature. But the average homeowner just wants a place to house their cars safely, perhaps with a little additional storage. Your run-of-the-mill buyer might be impressed by showroom-level garage features, but they won’t be willing to pay you enough to make this a smart investment.
Rooms that have a very specific purpose. While you may think a gift-wrapping room would be cool, or a love the idea of lounging in a custom-designed library, not all buyers will agree. A room that is too customized or designed with a very specific purpose makes it tough for buyers to envision themselves using that space for anything else. You want your home to seem as move-in ready as possible, so buyers should be able to easily picture themselves using the property as it is, or at least without major adjustments.
For insight on which home improvements will likely add the most value to your property—or to get your renovations completed quickly and on budget—you will want to use one of the top home renovation and kitchen remodeling companies in Phoenix. Contact RW Remodeling today to discuss your renovation project.