Is your renovation worth it?

24 May

Ann from DoorFly.com contacted me about a recent article which might appeal to anyone doing a remodeling project — the top 10 list to consider whether or not your investment will pay off! Renovations and remodeling are, of course, not always about re-sale value — sometimes it’s just about enjoying your home.  With that said, you can walk away from all the pain, worry and sleepless nights of a remodel if you know you’ll get great value out of it when you go to sell your home.  Below is the abbreviated list but for the full article, log on to DoorFly.

  1. Who will provide the labor?  If you can provide some or all of the labor for the project, you’re more likely to add value.
  2. Updates needed. An updated kitchen and bath are areas to focus!
  3. Finish the unfinished. You will be able to list your home at a higher value with that much more ‘finished’ living space.
  4. Improved curb appeal. The first impression of a home when a person drives up is a key factor in selling a home.
  5. Special deals. Take advantage of discount pricing you can get on appliances, flooring or plumbing fixtures in order to add value without adding cost.
  6. Added value. Most remodels do not recoup 100% of their costs — make sure you keep a close eye on what you invest versus what you can get out of your home.
  7. Cost vs Value Report. Realtor.org provide yearly reports that give some general guidelines as to which types of remodel projects are the most profitable.
  8. Real Estate Appraisal – Real estate appraisers have a list of values that they use for determining a home’s overall market value. Have I mentioned my sister’s in real estate?
  9. Energy savings. If you’re using energy-saving products, calculate their value to your over time as you live in your home.
  10. Personal use.  It is always important to remodel in a way that you will appreciate and not just for sales value.

Thanks to Ann for passing these tips along!


Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: