How Do I Know My Apartment Renovation will be a Good Investment?
June 13, 2013
One of the best ways to increase the resale value of your home is to invest in a home renovation project. Whether you are completely remodeling your kitchen or bathroom or simply installing new cabinetry, anything that upgrades the appearance and structural integrity of your home will instantly add resale value if and when you plan on selling your home.
Not only can interior renovations improve the overall condition of your home but exterior remodeling projects are also considered excellent types of renovations that provides an immediate enhancement for the purpose of making that good “first impression”. Whether you decide to replace old windows, get rid of outdated doors, pour a new patio or put new siding on your home, exterior renovations can add that much-needed curb appeal that may make the difference between selling your home within several months or having it on the market for several years.
Professional home renovation contractors like MyHome and real estate agents working in the NYC metropolitan area also suggest turning that unused attic space into a cozy, beautiful attic bedroom, a project that could allow you to recoup nearly 75 percent of the money you invested in this particular modeling event. Currently, homes with attic bedrooms are extremely desirable among prospective buyers who often need the extra room for twenty-something children who can’t afford to live on their own. Additionally, real estate agents will tell you that any time home owners add more square footage to their residence, the effect it has on the value of the home will definitely be positive.
Guess what room most people look at first when inspecting a home they wish to buy? If you guessed the kitchen—you’re right! Updated, clean-looking, functional kitchens will almost guarantee that your home gets plenty of attention if it is on the market and advertised as having a recently renovated kitchen. Some kitchens may need a complete makeover while others may simply need a “touch-up” that involves either laying new tiling, installing light fixtures or purchasing new appliances. Before you decide what your kitchen needs, real estate agents as well as home remodeling contractors suggest having a professional renovator assess the condition of your kitchen and offer recommendations as to what should be done to improve the appearance of your kitchen.
Bathroom remodeling investments generally yield around a 65 percent ROI for homeowners interested in selling their home in the near future. Currently trending in bathroom design are master bathrooms containing excellent lighting, two sinks and customized shower stalls with sliding acrylic doors. When a prospective home buyer views an outdated bathroom, the first thing that he or she will think about is all the work the bathroom needs—new bathtub, new vanity, new fixtures, etc. In addition, buyers interested in purchasing three bedroom homes are much more likely to take an interest in the home if it offers two full baths instead of one full bath and one half bath. Renovating an existing half bath so that it can be called a full bath may be something a three bedroom home owner might consider before placing their home on the real estate market.
Home remodeling contractors also suggest that homeowners interested in a bathroom or kitchen renovations think about something called “stylistic depreciation”, which is a term referring to the fact that what is currently popular in home renovation designs may not be so popular in five years or so. For this reason, you should consider when you plan on selling home prior to starting a renovation project.