Home Sellers: Is it Worth the Money to Remodel Your House?
There are many homeowners that would love the opportunity to remodel their homes, but they have a hard time deciding if the money would be worth it. Homeowners also worry about maintaining the balance of remodeling in a way that they would enjoy while living there, without detracting from any potential sales.
If you have been debating about whether or not to remodel, read on.
Think it Through
When you are interested in remodeling it is important that you think through the reasons why you want to remodel before you get started. Knowing exactly what you want to get out of the remodel will help you determine if it is worth spending the money, and in what areas.
Think through the following to help guide your decision:
- Do you plan on selling soon?
- Will the project meet a long-term need?
- Can you comfortably afford to spend the money?
- Can you handle living in a home that is under construction?
- What updates will need to happen if you begin (HVAC, plumbing, etc.)?
- Does the floor plan work for you?
What is the Return on Investment?
If you are interested in selling at any time in the future it is in your best interest to determine if the remodel project will provide a good return on investment. Will you be able to recoup any of the expenses that you put into the project?
The best way to determine this answer is by contacting a real estate appraiser. They can help you determine what your home’s value is and what it would be with the changes you are thinking about making.
Choose the Right Areas
When you decide to remodel there are a few common areas that tend to really payoff when you decide to sell your home. The first is the exterior of your house. Curb appeal not only helps homeowners enjoy their houses more, but they help sellers find a buyer faster.
Making energy efficient upgrades is another popular option. Putting in new windows and doors are changes that buyers like to see completed.
Total kitchen and bathroom remodels are always appreciated, but can be skipped at the same time. If you have the finances to complete the process and would like to enjoy these upgrades then go ahead and make the change. But know that when it comes to selling these changes are not as necessary as the energy efficient upgrades.
If you want to remodel your house make sure you define the purpose before you begin. Having a plan can help you make the most financially out of the deal possible when you decide to sell.
The best way to remodel is to balance what meets your current and future needs with what potential buyers would also enjoy. Determine what value the remodel will add to your house to make sure you will have a good ROI, and then move forward to turn your house into the house of your dreams for the time you live in it.