Smart Home Renovations
While many homes can use some renovation work, it is important to understand that not all renovations are equal. Certain home improvements will add an enormous amount of value and appeal to your home while others are a bust, at least as far as your return on investment. Most homes can use a bit of a touch up, but make sure that every dollar you put in to fixing up or changing your house actually pays off for you in the long run!
Substance versus Style
One of the most important things to remember when renovating intelligently is that the stylish renovation often is not the same as the one that offers the best ROI (return on investment). For the purpose of this article, the focus is on what changes pay off the most with overall property value or additional sale price if you sell the house in the near future or down the line.
Look to the Attic First
If you have an attic, it's time to make sure that the upper inside point of your house receives full fiberglass installation. Aside from saving on utilities by keeping the attic space cooler in the summer and warmer in the winter, this change often immediately adds more value to the home and adds the option of creating another cozy bedroom - which also automatically adds some serious value to any property.
Deck & Patio Consideration
A good deck and patio can be a great addition to a home, but there is a bit of a caveat here. The deck or patio needs to look good, be appropriate for your neighborhood, use quality materials, and really fit in with the house while offering more space or opening up a backyard. These types of projects can be a great investment, but they can also be a money drain with the wrong contractor, the wrong materials, or a poor plan. Make sure this is a right fit and done with a respected and experienced contractor before jumping forward with any plans. If you are renovating to sell in the near future, your Realtor can offer some great guidance and suggestions.
Front Door = First Impression
The first impression of a house can make all the difference, and a good solid steel front door can make sure that first impression is a good one. Many homes should have a new front door every 10 years or so, and steel doesn't mean cold soulless metal - these are solid doors that are energy friendly and designed to have that outward appearance of a solid classic door.
What about Basements?
Basements are an interesting renovation quandary. A very old basement that isn't waterproofed or usable for anything other than storage can very much hurt a house's prospects for selling. Turning a basement into another fully updated floor of the house with a bedroom, office, or even a man cave will make a home much easier to sell. This can also make the house more fun while you live in it, but very rarely does the extra a house gets sold for because of a good basement come anywhere close to the amount invested to renovate that basement space.
This makes basements a poor choice from a pure ROI standpoint, but it might not be a bad idea depending on your situation and whether you need additional living square footage or could use the space as a rental unit in the immediate future. Also consider how long you plan to remain in the home and how much help your house might need to sell later.
Research, discuss your plans with a knowledgeable Realtor and make intelligent decisions about how you renovate your home. The end results of increased home equity and future selling price will speak volumes and might just land you a hefty paycheck at the closing table.
About the Author
Patrick Rogers runs Asurent Property Management based out of Medford Oregon. If you are in need of property management services in that area, learn more at PropertyManagementAshlandOregon.com
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