While the housing market is certainly starting to recover, many homeowners are still choosing to invest in updates rather than move; however, simply because they’re choosing to stay put at the moment, doesn’t mean they won’t consider packing up in the future.
Therefore, if you’re considering a remodel, it’s important to make sure you invest your money in a way that will yield an increase in your resale value later.
OPTIONS TO CONSIDER
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1.) ENERGY IMPROVEMENTS—With increases in energy costs, overall improvements to the way your home handles gas, electric, and water consumption can be extremely beneficial (i.e. high-efficiency insulation & windows). In general, improving the quality of your home through technological and design improvements can be a boon when looking to differentiate your property through annual energy savings.
2.) BEWARE OF “TRENDY”—Yes, it may seem exciting now, but be careful with renovations that are “so now” that they rapidly become “so-two-years-ago” within moments. Instead, consider quality materials, lines, and themes that can be considered timeless and classic.
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3.) OPEN THINGS UP—One of the marks of an older home are separate, closed-off rooms; however, today’s buyer generally wants an open floor plan with an abundance of natural light. If you’re considering a remodel, you might want to consider opening some of those sightlines for a free feeling.
4.) THE OBLIGATORY KITCHEN AND BATH REMODEL—It’s no secret that one of the best ways to improve your resale value is to focus your energy on kitchen and master bath updates. In terms of biggest bang for your buck, even minor renovations can make a great deal of difference.
5.) DON’T NEGLECT YOUR FLOORS!—In general, there’s basically no going wrong with installing hardwood floors (or refinishing existing ones). While many people are fine with carpet, hardwood floors are not only easier to maintain, but are more resistant to everyday wear-and-tear.
A FINAL WORD
In the end, there’s absolutely nothing wrong with remodeling your home to your tastes. After all, you’re the one who is going to be living in it for the next 5,10, even 20 years; however, life happens and when it does, it helps to be prepared. Therefore, if you’re set on making some changes within your current residence, it can’t hurt to be mindful of the fact that one day, you might have to consider whether other buyers will be as pleased.
