Home Renovations – Their Affect On Home Value
What to Fix
Kitchens and Bathroom
Tune into any home remodeling channel, and one of the first things you’ll see is a beautiful bathroom or kitchen on display. This is because both of these areas are what homeowners look for when house hunting. As for what to remodel in these areas, showers, tubs, cabinets, and countertops are among the most sought-after features. A bathroom with a tub might look nice, but the truth is that people aren’t really using tubs anymore. The trend today is walk-in showers and steam showers. In kitchens, cabinets and countertops are the most prominent features that people see once they walk in. They dictate the theme of the kitchen, and people will pay the extra bucks if they think it’s worth it.
These two spaces are also where people spend most of their time. If you think about a daily schedule, most people get up, get ready in the master bath, and then grab a bite to eat in the kitchen before heading out for the day. If you’re looking to make your money back on remodels, look at the state of your kitchen and bathroom. They may be your best bet.
The kitchen and bath may smite most, but don’t overlook the details in the background. Things such as leaky roofs, falling or rotting stucco, and other nagging maintenance issues are things that could put off a home buyer. It makes little sense to buy a home with a beautiful kitchen if the roof repair costs more than the kitchen remodel. Making sure your home looks nice from the outside and inside is vital to getting the best value out of it. This means resolving roof, stucco, and any other interior or exterior plumbing issues. Fixing these issues first before diving into more aesthetic remodels will help you nab buyers quickly.
What to Ignore
Many believe that by adding a pool to their home, they will be adding immense value to their property. As nice as that might sound, that isn’t always the case. Where you live, the average price of homes around the neighborhood, and the personal situations of home buyers matter much more than just having a pool for value.
For example, a family in Northern New York will view a pool’s value differently than a family in the Phoenix Valley of Arizona. A family with small children that fell in love with your home might be put off by the hazard that the pool poses to their children. If a buyer is considering your house and another, and the only difference is the extra price that your pool added, then they might decide on the other home. That doesn’t even include the cost of maintenance and repairs when the time for those come along. When doing home renovation projects, don’t get stuck on forcing a pool project.
Bells and Whistle
Looking to add an extra patio, fire pit, theater room, extra room for leisure, or even artificial grass out back? We recommend doing this only if you plan to enjoy these amenities and add-ons yourself. As mentioned before, many of these extra bells and whistles in a home won’t really make the difference when it comes to selling a home. Making home renovations like these with the hope of them adding resale value to your home isn’t worth it, especially if you won’t even be using them yourself.
Unless the home is being sold soon, most renovation projects should be things that help keep the integral structure of the home secure. They should also be things that the homeowner enjoys. It makes no sense to hire an interior designer to decorate the living room if no one ever spends time in it. If you have questions or doubts about moving forward with the home buying process, give us a shout! We love answering the questions that our customers have regarding homes and the types of loans available to them.