Did you know you’ll be able to recoup a high percentage of the costs when you decide to remodel your home? This is due to the fact that remodeling and thereby upgrading it will increase its resale value. Sure, this is money you won’t see before you actually decide to sell your home, but isn’t it nice to know that you’ll be able to get more than just the added comfort from remodeling?
If you’re like most homeowners, you surely want to remodel in a way that will truly suit your taste, but are you aware of the things you need to keep in mind in order to add the most value possible at the same time? If you want to know how much you can normally expect to recoup from the most popular remodeling projects you should check out this infographic.
Here’s a list of things you need to keep in mind when remodeling.
When you remodel, the new upgrade should complement the style of the rest of the house
If you want to add value and recoup as high a percentage of the costs as possible, it’s always a good idea to make sure your new upgrade doesn’t stand out completely from the rest of the house. If it does, it might put off potential buyers down the road. Sure, you want to upgrade but doing something completely different is a risky tactic.
What are the neighbors doing?
The same way you want your remodeling project to complement the rest of your house, you also want the upgrade to match the neighborhood. If you live in a low-income neighborhood and you make some very expensive upgrades, the folks that would normally be willing to pay the price of such upgrades won’t be interested in living in that specific area. The people interested in living in that neighborhood won’t want to pay the premium for the upgrades you made to the home.
Don’t choose the cheapest materials in order to save money.
When you’re planning the remodeling project and you realize how much it will end up costing you, you might be tempted to try and cut costs by choosing cheaper materials. Before you do so, sit down and consider this wisely. Are you sure you won’t be annoyed later on that you chose this option? Some people choose the cheaper option just to realize once the project is completed, that they didn’t end up with the final result they were hoping for. Often, it’s the small details that will end up bothering you. If you do end up regretting your choice of materials and want to change it, the remodeling project will end up being more expensive than had you gone with the right material from the beginning.
Trendy upgrades may look nice now but what about in 5 years?
Some trends may seem very appealing right now but is it really what you will want to look at in 5 years? If not, chances are that future potential buyers won’t either, meaning the value of your home may not increase as much as you had hoped. Therefore, if recouping a lot of your costs is a major concern of yours, you may want to consider a slightly more classic look.
Download our Free Ebook: “Remodeling 101” if you need additional help on hiring a contractor & the entire renovation process.