Boosting amenities and features in your home go a long towards its market value. By assessing your needs, your budget, and your skill set, you can create a more inviting, usable home that you can enjoy more while you live in at and get more out of it when it’s time to sell.
But what are the best remodel projects to consider investing in? There’s a lot of factors to take into account. Start by taking a good look at your home and consider what elements look dated, and really can reduce the appeal of your home. Compare your home to the rest of the neighborhood to see if your home could use a major exterior renovation to improve its curb appeal.
Below are three of the best remodel to add value to your home:
This is a remodeling project that many people invest in the kitchen and with good reason as it’s the most popular room in the home. The kitchen is also one of the first things potential homebuyers consider as they debate which home they want to purchase. Having a kitchen that shines with many desirable features can make it really stand out is a strong selling point.
Kitchen upgrades can include changing to stone countertops, new backsplashes, designer faucets, installing new cabinets, adding a new island, and a stainless steel sink. According to the 2013 Cost vs. Value Report (CVVR) from Remodeling Magazine, a minor kitchen remodel yielded a 90.2% return on investment in Las Vegas.
2. Attic Bedroom
Adding space and functionality is highly desirable in many homes. If your home lends itself to this addition, converting upstairs space into an extra bedroom can pay solid dividends. According to the CVVR, the cost for this project in Las Vegas would be $49,465 with a resale value of $44,832, for an 88.8% return on investment when the home is sold.
You want a home with curb appeal and an upgraded front door can help you home make a bigger impact, and also provide improved security and durability. Steel or fiberglass entry doors have a good return on investment of about 80%, according to the CVVR. Another solid exterior improvement choice is wood or vinyl window replacements.
While remodel projects may seem to be a solid investment, there are numerous considerations to take into account when contemplating a renovation. Make sure the remodeling project isn’t out of synch with the home styles in your neighborhood as you certainly don’t want to detract from your home’s value.
With a remodel project, you don’t want any unpleasant surprises if you can help it. Be sure that the remodeling planned is up to code and done with the required building permits. If not, that can cause serious headaches when you put your house on the market.
Contractors, Payment, and Time
Before you begin the remodel, it’s wise to obtain bids from multiple contractors. This will help you to locate a company or individual that will offer the best materials and fair pricing for their services. It is beneficial to compare the bids to make sure you can select the best contractor.
In paying for the remodel, if you have the funds, paying cash is often the best bet. However, a home equity loan can also make a lot of sense as it is simply investing the money back into your home, thereby increasing the property value. If you have the skills, you can also save money on the remodel by choosing to do the majority of the work versus hiring it out.
Don’t forget to consider how time consuming a renovation project can be. If you plan to do the majority of the work, always plan on the remodel process taking more time than it will with a professional contractor. Prepare your family for the remodel as it will end up altering their lives for several weeks or months.