Maximize Your Return on Investment
In order to maximize your return on an investment in your home, many factors come into play. Several questions come to mind when attempting to answer that question, and unfortunately, there is no clear-cut answer.
Here are some questions to think about:
How long are you going to live in the house after the remodel?
Some people flip houses for a living, and some plan to live in their home after they complete a remodel. It totally depends on how much money a person wants to spend and the area they live in. For example, if someone spent $100,000 on a full home remodel, their immediate return on investment wouldn’t be as great if they were planning on moving out following the remodel. On the other hand, if they were to live in their home for 5-10 years, they would stand to make much more money off of their home.
What part of the home is going to be remodeled?
It is very common for contractors to receive calls requesting quotes on remodels of their kitchen, master bathroom and/ or bedroom, living room, or other bedrooms and bathrooms. The rate of return on investment differs depending on which portion of your home you want to remodel. One thing to keep in mind is that even though you may spend a certain dollar amount on new countertops in your home, the buyer may not like them or even care about the style. Replacing certain items may bring more money in than others.
How long is a remodel considered a remodel?
Depending on the area you live in, a remodel may be considered a remodel if it is still up to date or more modern than the surrounding houses. For example, in a wealthier neighborhood, a home may only be considered remodeled for 5 years, while in an older neighborhood it may be considered remodeled for 10-15 years.
What are some things I can do to get the most amount of money from my remodel?
Kitchen and master bathroom remodels seem to be where most of the money is made. When kitchens are opened up to the living room and master bathroom showers are updated to tile and glass doors, the buyer value of your home definitely jumps. Other things like modernizing your floor plan tend to cause more buyer interest as well.
Your Home Remodeling Team
There’s nothing to lose and everything to gain when you employ ArDan Construction. When you’re ready to take the next step to maximize the return on investment for your home, get in touch with us to discuss your project.
Info From Real Estate Expert Dave Schuster
ArDan Construction partners with many knowledgeable professionals – one of them being Dave Schuster of the Schuster Real Estate Group!
Dave recently participated in our webinar series, teaching attendees how a remodel or addition might affect the value of their home. Click below to watch!