With inventory so low many homeowners have decided to remodel instead of selling and buying that new home. What are the renovations that will bring you the most return on your investment? Let’s take a look. Remember that not all renovation plans are good ones!
Let’s start with the 4 Remodel Myths:
Myth #1: Any remodel is a good one.
Some people think that any improvement is a good one, but not all home improvements are created equal. For example, the homeowner of the room at right had a concert hall of his very own in his ranch-style home. Unless the next homeowner is an opera singer, he or she may not want a balcony in the house. When making a renovation like this, keep in mind that you might want to sell the place one day.
Myth #2: I can do it myself.
You may be convinced that you can do it just as well as a contractor, but news flash! You can’t. You may just have an unrealistic idea of your “knack” for remodeling. Doing it yourself can sometimes save money, but you need to know your limits. Don’t be afraid to ask for help. There are certain low-risk projects that are very simple to tackle on your own, but there are many others for which you need a professional.
Myth #3: Pools add value.
A lot of people think that adding a swimming pool and/or a hot tub is a sure seller. That’s not always true. Location is extremely important. If every day is summer in your climate and it’s a pool-friendly region, that’s one thing, but if you live in a cooler climate, it could be different story. In most areas of the country, adding a pool is a scary proposition. It’s a big liability and can be a lot of work to maintain in the off-season. You should think long and hard about building a pool. It could end up being a big money pit.
Myth #4: Follow the latest design trends.
Many homeowners think it’s a good idea to follow the latest design trends. Not true. For instance, peach textured wallpaper went out in the ’80s. Features like that must go before a house goes on the market. Neutral colors or palettes have more of a timeless feel and will appeal to far more people.Now let’s get to what works. The four ideas below may look like a wash, but what they really become is the tipping point between a home that DIDN’T choose to make these improvements and one that did. Think of it as a short-term loan to yourself to close your deal faster for more money.
Some Highlights:
- Whether you are selling your home, just purchased your first home or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
- Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
- Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2nd and 4th renovations for returns on investment.
