Before you decide on having a renovation project, there’s a question you need to check, is it because you just want your house to look new or you want to high up its resale value? If you want to high up its value, it is highly recommended to get a professional so that they can guide you as to which areas are the best to renovate. With Mobile Remodeling Contractors, they can’t just give you the new look that you want for your house, they can also assist you as to decide what to do with your renovation project. With the help of their expertise, you’ll be guided.
But before you pound that first nail or hang that first sheet of drywall, look ahead to how these projects correlate to your home’s resale value. Certain modifications give better resale value than others. Even if you’re simply looking for a break-even resale price, the thought process is still the same. When calculating whether you will make a profit or break even with the house sale, remember to figure in all costs, not just the costs of remodeling.
High-Value Home Remodels
Because a home remodel has a predicted high resale value doesn’t mean that it will actually turn over a profit or break even at the time of the sale. Despite your best efforts, market forces often conspire against you, bringing your formerly high-value projects into the red. At the same time, it is best to start on a good foot. These projects tend to look the most attractive to buyers.
- Fiber-cement siding replacement
- Garage door replacement
- Mid-range kitchen remodel
- Manufactured veneer stone
The theme behind this high-value, high-return remodels appearance. When you want to sell your house for the best possible price, you need to grab the attention of the potential buyer quickly.
Fiber-cement siding, garage doors, and manufactured veneer stone all qualify as important exterior elements that deserve special attention. A mid-range kitchen remodels, too, addresses the first room that many homebuyers look at: the kitchen. If you can remodel these areas without spending too much money, you stand a good stand of making a profit or breaking even on the house sale.
Moderate Value Home Remodels
Moderate value home remodels tend to retain their value or at least break even. Making a profit off of these mid-range home remodels may be tricky, but in some real estate markets, this may be possible.
- Vinyl siding replacement
- Vinyl window replacement
- Wood or composite deck
- Wood window replacement
- Entry door replacement
- Composite roof replacement
- Bathroom remodel
- Metal roof replacement
Most of these moderate value home remodels are solid and functional, but rarely are they eye-catching. Such mid-range home remodels take care of existing or upcoming problems such as roofing or siding leakage or energy loss due to outdated windows.
It is best to start these remodels far in advance of a home sale so that you can gain some benefits for yourself. Replacing poor windows for aesthetic purposes is fine soon before putting the house up on the market. But if you replace windows to save energy at that same time, you are only helping out the new homeowner. Window replacement takes years, if not decades, to recoup the cost of the windows through energy savings.
Low-Value Home Remodels
You should take on low-value home remodels because you want to do them, not because you expect to make a huge profit upon resale. In fact, your idea of a high-value remodel may be a remodel that the subsequent buyer is anxious to tear out.
- Kitchen remodel, mid-range
- Master suite addition
- Bath remodel, upscale
- Bathroom addition, midrange
- Major kitchen remodel, upscale
- Master suite addition
One of the controlling ideas behind low-value home remodels is they have a high cost-to-value ratio. A major, upscale kitchen remodel or a master suite addition is highly coveted by many home buyers. But whether these buyers lay out the money to purchase them is a different matter. Expensive home remodels must come with equally high prices spent by subsequent home buyers, if the current homeowner expects to break even.
Do not take on any of these low-value home remodels with the expectation that home buyers will line up at the door; in most cases, it just will not happen.