Are you looking to remodel to improve your home’s value?
I recall as a young child growing up, that the rule of thumb was to remodel your home as soon as you move into it. Why? Well, first off you then have years living in a home that is designed exactly how you like it. But the reason given was “because it’ll take 7 years to get your investment back.” Meaning if it takes 20-30% of the value of your home to pay for the remodel, it’ll take that many years for the market to catch up.
The above old-school thought process is basically living in your dream home right off the bat, and having the increased home value (of a few years) justify the expense, if having your dream home wasn’t enough. A very logical argument. But what about the other side, what do they have to say? Because there’s always two ways to look at things.
Another way of thinking is that you CAN remodel your home and get the value back immediately… via an increased sales price for your home. How does this play out?
You’ve probably spent hours and hours of watching ‘home makeover’ shows where a few thousand dollars can significantly change the look of a home, and make it more easily sold. Now let’s expand that idea a bit. Let’s say your home could use some new paint and throw pillows, but could really make a statement with a whole new look. Take out a wall, open up some light, or even add an extra bedroom. Many homes already have extra rooms, they just can’t call it a bedroom without a closet, so perhaps something as small as that would be all you need to add the increased value of an extra bedroom to your home.
Want to know pretty much the BEST place to invest for increased value? Your kitchen (& bathrooms).
If you can plan on a fair but modest budget for a new kitchen and/or master bath, you could do very well. Since the kitchen is the heart of the home, people are going to be more easily swayed by a professional, chef’s kitchen. Both the husband and wife, and kids, will appreciate it! As for the bathroom, the master bathroom is a great place to start. This is the room both homeowners will be in on a daily basis, so you can make a big statement here as well.
So, no matter what side you agree with, doing it early as soon as you buy your home, or late just before you sell your home, can both be the right choice.
As always, if you have any questions, please fell free to give us a call, we’re happy to help.
We offer residential home, kitchen & bathroom remodeling services in: Texas
