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Renovations and Market Value

remodelling-rehabbing

1421899639_document-pdf-text Download our Remodelling & Rehabbing pdf brochure.

When it comes to improving your home, most real estate consultants will advise that remodeling a kitchen or bathroom will bring the greatest return on investment. Other cosmetic upgrades such as interior or exterior paint or new flooring will also return significantly on the dollar investment. However, this does not apply across the board. Don’t count on a dollar for dollar return on every improvement.

Keep these things in mind when you are deciding on your renovation:

  • Make sure essential repairs are completed before you start improving – a hot tub won’t make up for a leaky roof.
  • Take a look around and find out what homebuyers want. That way you’ll choose improvements which the market is willing to pay for.
  • Keep your improvements consistent with the quality of the neighborhood and your home. (i.e. don’t put a $50,000 kitchen in $100,000 house!)
  • If you do it yourself, do it right. Partially-completed or poorly-completed renovations can actually detract from value. If you decide that you aren’t qualified to do the repair yourself, hire a reputable contractor.
  • Consider energy-efficient improvements, they may not save money now, but as energy costs increase, so will your savings.

Learn how home and office renovations can affect your property's market value.
The key to all major home improvement projects is careful planning, realistic budgeting and sound advice. With slower market conditions, the practice of increasing home value through proper renovation techniques has never been more important than it is today. However, homeowners should only follow smart renovation techniques and be careful not to over-renovate their home. The aim is to be smart about what you renovate to insure that it improves the value of your home and that it fits into your budget.

Contact us today for specific valuation advice on renovations in your market area.

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