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Remodeling Considerations
Are you over investing? It’s a question to consider before starting a big remodeling or home improvement project, whether you’re selling soon or not.
Improving your living space?
If you’re planning to stay in the home for several more years, it’s probably worth spending a little to achieve what you want. Converting existing space into usable space, like an attic into a bedroom, finishing a basement, or adding a deck, will bring a better return than an addition to your home. Focus on kitchen, bath, and closet organizers if you're going to be in your house at least five more years. Some of these are more costly remodeling projects, but you’ll be living in the home long enough to enjoy the upgrades and are more likely to recoup the investment.
Planning to sell?
If you’re moving within the next year, big-dollar projects may not be a good idea as you stand less chance of recouping your investment. Many variables affect the housing market, so don't expect a dollar-for-dollar return on a project. A $20,000 kitchen remodel doesn’t necessarily mean you’ll get $20,000 more for your home. Behind-the-scenes improvements such as a new roof increase the house’s integrity, but won’t garner a big return for you as buyers already expect these things to be in good shape on a home.
What not to do: Pools and Landscaping
A common remodeling mistake is a pool. The majority of the market rejects pools because of the maintenance requirements and safety issues for children. Exception: If your home is the only one on the block that doesn’t have one, it could be a factor when it comes time to sell. Also, don’t sink big dollars into extra landscaping. Add some mulch and bright flowers, but don’t drop hundreds of dollars on brick pavers. Let the buyer do that.
More information on Closet City's Organization Portfolio
