Knowing what adds high value for low cost, and what to avoid doing during a remodel.
There are two reasons that a person will remodel their house. The first reason is for personal preference. If you have always wanted big bay windows that look out into your backyard and you build them, this remodel is for personal preference. If this is your point in remodeling, do exactly what you want to do and make your house into your dream home. The other reason to remodel is to increase the value of your home. If you are remodeling to increase the value of your home, you should focus on remodels that are equitable.
When remodeling for equity it is important to consider what the surrounding houses look like. When someone is house shopping in your area, they won't be making a decision between your home and the home in "Better Homes and Gardens" they will be making a decision between your home and a home down the street. For this reason, it is important that your house is similar to other homes in your market.
One good way to find out what it going on in your area is to spend a couple of days house shopping. If you find out that the other, similarly priced, houses in your neighborhood all have whirlpool tubs you will probably want to install a whirlpool tub. Whether or not you like whirlpools, your house will be compared to these other whirlpool houses and you don't want to come up short.
Two of the most popular rooms to remodel with resale in mind are the kitchen and the bathrooms. In the kitchen, you might consider updating the appliances. Also, just adding or removing a little paint can dramatically change the look of your kitchen. Cabinet doors are a great place to target your ambitions when you want to make an improvement without spending a lot of money. You might remove the finish and refurnish the wood on your cabinet doors. You could also paint the cabinets in a popular color.
As far as color goes, you don't want to get too crazy. Neutral colors are best when you are considering resale value. You don't want the people looking at your home to be thinking about all the things that they will have to change if they buy your home. What you want is for them to think that the house is just perfect as it is. The turquoise cabinets might go great with your southwest theme but not a lot of people are going to be enthusiastic about turquoise cabinets.
Another place that you can really add to the value of your house for not a lot of money is in the back yard. A nice wooden deck adds is a fabulous addition. Refurnishing your existing deck wouldn't hurt either.
When remodeling you place think about what the remodel costs and what the house value will be after the remodel. You could get into a $60,000 remodel job if you decide that you need vaulted ceilings and bay windows. If you are currently living in a $150,000 house you will never be able to recoup your loses if you sink $60,000 dollars into the living room.
The better idea is to turn your $150,000 house into a $160,000 house by adding a beautiful new deck (less than $1000), installing a hot tub and radiant heat in the bathroom (about $1000), and refinishing the kitchen cabinets and adding a new vinyl floor (less than $1000).
Any project that involves ripping out walls or ceilings will probably cost more than it's worth in the end.
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Tags: remodel equity value increase value cabinets bathrooms kitchens house market home improvements decks home construction
