There are a lot of reasons to undergo a renovation. But something to be considered when you start making plans for a renovation is the resale value. Maybe you have thought about it, maybe it’s the farthest thing from your mind. But understanding what you’re likely to get in return for all your hard work and investment can help you make the best decisions in what and how to renovate. Whether or not you intend to stay in your current home forever, keeping it up to date without breaking the bank will serve you in the long run. To help you muddle through the mess here are a few pointers.
84% of homeowners want a kitchen renovation. However, because it’s a space most homeowners dream of renovating, the dreams are usually big but not always practical. Everyone seems to want a kitchen island, high-tech gadgets, and space, space, space! Islands work well in some spaces, but not every space. For example, if your home has an open floor plan an island is perfect for defining the space while keeping it open. But instead of doing a complete overhaul and bringing in marble countertops and brand new custom cabinets, consider what a minor facelift could do instead. Replacing the facing and hardware of your cabinets can do wonders. A new backsplash and sustainable bamboo click and lock flooring will instantly bring your old kitchen into the here and now. Quartz countertops are just as beautiful and durable as marble, but cost way less. If you can stay within a $30,000 price point (half what the average major overhaul costs), you will enjoy your new kitchen and see a return on that investment.
Much like the kitchen, bathrooms are high on the “makeover” list. And much like kitchen remodels, complete bathroom renovations are costly and don’t always pay off. Sure, it will look like a spa in the end. But will someone else be willing to pay that higher asking price for one glamorous room? You obviously want your bathroom to be functional, cozy, and stunning. This can be achieved by simply updating fixtures and shower heads and replacing the tile, tub, or sink. Tiling the walls can get expensive, but they’re also more durable and easier to maintain than painted or papered walls. The moisture in the room will always affect wallpaper and paint more than tile. Choosing an inexpensive, larger tile will keep costs down and value up.
Adding rooms to a home. It is cheaper to make an addition to your existing house if your family is expanding than it is to buy a new house. The closing costs alone make this renovation worth it. However, if you’re just wanting more space for a non-growing family, a better alternative would be to hire a contractor who can transform the space you already have into something more functional.
Public pools are just glorified public toilets. Sure, they get cleaned regularly, but you can’t control little Tommy’s bladder or his insistence that he doesn’t need to go. An in-ground private pool is magic. Especially if you live in a sunny, moderate climate like California. The cost of maintaining a pool, though…. It’s a lot. If it’s not getting used, it just doesn’t seem worth it. And that’s the thought potential buyers will have. Instead, opt for smaller water fixtures that run on recycled water and consider a paved patio with an area for grilling and entertaining. You can even use this opportunity to convert your yard to a drought-proof design saving you and future homeowners tons of water and maintenance without sacrificing beauty and serenity.
If you’re still unsure about how to proceed with a renovation, how far you should go, take advantage of open houses in your area on the weekend. See what people are selling, what people are attracted to and buying and scale your plans to what’s competitive. Whether or not you plan on selling any time soon, you want to think long-term in these remodel investments. Do your research, consult your contractor and together you’ll create a space that compliments your style and needs and brings it back to you in the end.