Not All Home Renovations Are Good Investments

Not All Home Renovations Are Good Investments: 

The idea of updating your home can be fun, and overwhelming when it comes to picking the right areas to improve. Not all home improvement projects have the best return on investment, and while you may think you’ll live in your home forever, there will come a day that you need to sell. Here are three remodel ideas to avoid, and three that you need to consider as a good investment for future resale.

Luxury Add-ons: unless you live in what would be considered a luxury home, the average property can’t recoup the high cost of adding on luxury rooms, such as a home theater, indoor basketball court, etc. The average homebuyer will not see the value in luxury add-ons, therefore you will price your property out of the market for your target homebuyer.

Avoid Fads: passing fads such as gold-plated crown molding, or foiled wallpaper maybe the perfect compliment to your interior-style, however these accents and trends do not hold up over time. Passing fads are just that – passing. Instead, consider investing in the tried-and-true classics as a better option.

Know Your Neighborhood: before you decide to add on square footage to your existing home or build a detached garage, it is important to know your neighborhood. What are the common trends in the area? If you make radical changes to the size or value of your home, and the surrounding property values don’t support the changes, you could end up costing yourself a lot of money.

Invest in a New Front Door: according to the National Association of REALTORS, a new front door shows a high return on investment, especially if you go with steel. At roughly $1,000 cost for a new steel door, they are affordable, durable, low maintenance and burglar resistant – all attractive details for would-be homebuyers.

Curb Appeal: the exterior of your home is the first thing a potential buyer sees, and first impressions are important. According to the National Association of REALTORS, new siding on your home recoups approximately 80 percent of the cost, and improves the curb appeal in your home, as well as boosts the energy efficiency.

Internet Access: its not enough to have Internet access these days, the next generation of home buyers wants broadband access for speed and convenience. Research shows that broadband Internet access has increased home values by as much as 3 percent! If you don’t currently have broadband (and its available in your area) you can prepare your home by contacting a local provider, to install the equipment and wiring.

If you are considering a home renovation or would like to learn more about home improvement options, please give us a call. Let our family provide your family the home you’ve always dreamed of!

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Knipp Contracting