It takes work to develop a home and make it your own. With the right home renovation, you can improve your living space and convert your property into a valuable asset. The goal is to get the best return on investment.
Due to concerns over their home’s resale value, homeowners often overthink their home remodeling project choices. Surprisingly, many homeowners worry about their home’s resale value even when they have no plans to sell.
Your renovation choices don’t have to be exclusively for your enjoyment or resale; they can combine both. The duration you intend to stay in the house after the renovations can help you set priorities.
Resale value is a factor to consider if you want to sell your home within the following five years. If you plan to stay for another 12 to 15 years, customize.
However, the most crucial aspect of your investment decision should be your personal preferences for a comfortable home. It would be best to create it for yourself because it is your living space and your money.
Guidelines to Consider as You Plan Your Home Renovation
1. Personalize Your Home Design
Your remodeling selections ought to be a reflection of your lifestyle and preferences. For instance, having spacious walk-in showers rather than shower and tub combinations is currently popular.
Retaining the tub will be your best choice if a soothing bath is a regular ritual. However, you can do away with the bathtub if you hardly use it, giving you more room for the things you enjoy.
2. Personalize Your Style
Choosing “conservative” or “neutral” fittings and finishes should never precede your personal preferences for style and design. Most interior designers say against overtly provocative colors like red walls. However, if red is your preferred color, find ways of including it in your home design through accents and textiles.
Furthermore, people prefer to view houses with personality when looking at new residences. Such homes make it easier for them to envision living there. Being overly neutral isn’t always a sign of universal attractiveness.
3. Set Your Trends
The majority of homeowners would prefer to copy other people’s house designs. For instance, quartz countertops are currently more popular than granite in kitchen designs. There are lovely quartz choices. But if you prefer the appearance and usability of a granite countertop, you should go with that.
Another trend is gray-painted cabinets in the whole kitchen or only the island. However, if another color is your favorite, go for it. Use colors that fit your style and meet your desires to personalize your space.
4. Let Your House Be
Some homeowners renovate their kitchens or bathrooms before listing their property for sale. They may need updated cabinetry or would like to upgrade to granite countertops. However, the price of the new granite may generate different returns. Additionally, the new owners will likely change the design to what fits them.
If you plan to sell your house soon, consider value and pricing in your locality before you make expensive remodeling investments. You wouldn’t want your home to be the priciest in the neighborhood.
5. Avoid Attempting to Please Everybody
When making remodeling choices, some homeowners become so preoccupied with a resale value that they completely ignore their needs and desires. Since no home will be the ideal match for every buyer, most buyers look at several houses.
Avoid overworking yourself and trying to make everyone else happy. You want your home to be your sanctuary, which matters most.
Renovations that Will Hurt Your Home’s Resale Value
Homeowners, when renovating their homes, often hope the renovation will increase the home’s worth. However, that might not always happen. Prospective buyers may have differing opinions on your home improvement effort.
In general, some home improvement tasks may reduce the value of your house when you decide to sell it. Avoiding these will help you sell your home faster and for higher prices should you place it on the market.
Feel free to have a renovation done if it appeals to you and you appreciate the improvement. It’s your house; thus, you need to make any improvements that will increase your comfort.
· Swimming Pools
A swimming pool will increase your home’s value by only 7%. Swimming pools are also expensive to set up and insure, making it challenging to recover the cost.
Many families may also not want a swimming pool as they may not enjoy swimming or desire a larger, more useful courtyard.
Pools also lock out some buyers because they present safety risks to children. Additionally, pools have costly maintenance costs, which discourages prospective buyers. However, if your home is in an upscale neighborhood or a hot climate where a pool is helpful for most of the year, consider incorporating it.
· Personal Customizations
Your potential buyers may not share your taste in unique customizations for your home as much as you do. For instance, a built-in aquarium will be perfect for people marine life lovers. However, it might put off people who don’t care about aquariums and would rather have more room. The maintenance and replacement costs may also turn away potential buyers.
Tilework, ceilings, bright paint colors, and other signs of excessive personalization may also lower your home’s worth when it comes to selling.
Bright colors on the walls are a very personal choice in style, and doing so could reduce your home’s resale worth. Walls make up a large part of the interior’s color palette, and selecting colors that most people will not resonate with can turn off buyers.
But neutral paint colors enable purchasers to picture the home as a clean slate they can design to their taste. Repainting the space with neutral colors before placing it for sale would be a simple fix if you use bold colors.
· Luxurious Bathrooms and Kitchens
The most common rooms to remodel in a house are the kitchen and bathroom. However, going overboard and adding too much luxury might not provide a satisfactory return on your investments. Only pay attention to the elements which appear outdated or weathered, and choose mid-range rather than high-end appliances and furnishings.
Additionally, attempt to hold off on purchasing expensive lighting fixtures. Refrain from letting the gorgeous ideas in the remodeling publications tempt you from your spending range, making it difficult to recoup the investment.
· Excessive Carpeting
Wall-to-wall carpeting may make your house feel cozier, but there are better choices for resale value. Carpets are prone to rapid wear and damage, and the choice of textures and colors differs for each person.
However, hardwood floors can generate a return on investment of about 75%! You might want to choose a hard surface.
· Combining Rooms to Create A Larger Space
Merging two small bedrooms might seem like a sensible renovation for small families. But prospective buyers may not find this appealing. Most families prefer that their children have a separate bedroom, so they won’t think much about the size. Therefore, the more bedrooms, the more the house’s value than the rooms’ size.
To make a small room appear larger, think about using interior design tricks rather than knocking down walls.
While some house improvements seem like a good idea, there are better investments than these if you wish to sell your home quickly and for more money later. However, there are temporary solutions that you can consider. For instance, a movable swimming pool rather than an in-built one.
You can always move it to your new place, or your homebuyer can decide to remove it. Temporary home improvement solutions won’t reduce the value when reselling apartments.
Contact us for guidance if you need clarification on the effects of your specific home renovation or want to confirm your path.