You might be looking around your current home and thinking "it needs some updating". But before you plunge into your home renovation projects, take a moment to answer these questions:
- Which renovation project will get me the biggest bang for my buck when I go to sell this home? It has established (from home research data) that kitchens and bathrooms generally provide the greatest return-on-investment. Considering this, it might make the choice in spending $50,000 on a new kitchen verses $50,000 on a fancy backyard space an easier decision.
- What can I afford to spend on renovations? If you were planning on spending $50,000 on a new kitchen, you might actually only want to plan on spending $40,000 on that kitchen so you can compensate for the "unknowns" like plumbing problems, electrical problems and other issues that can come up. If you don't have any issues during your renovation, then that gives you an extra $10,000 to spend on high-end finishes.
Now that you have determined the type of project and your budget, here are some other factors to consider in your home renovation:
- How long do you plan on living in your home? Try to focus on renovations that are for your personal enjoyment or will help lengthen the usefulness of a home. That's why kitchen and bathroom remodels are so popular.
- Think about your neighborhood. You don't want to over-do your remodel. Think about what is standard for your neighborhood. Yes, kitchen remodels are generally good investments... but maybe a $10,000 kitchen remodel is more appropriate for your neighborhood than a $50,000 kitchen remodel.
- Effect on property taxes and maintenance costs. When thinking about your remodel, consider the impact it will have on future buyers. If you put in a high-maintenance pool, this might actually turn off future home buyers. Not to mention, might increase your taxable value.
Remodeling magazine's Cost vs. Value Report has reported that the top three home improvements in 2014 that got the best return on investment were:
- New entry door (96.6% return)
- Adding a wooden deck (87.4% return)
- Attic bedroom addition or renovation (84.3% return)
Make the best, educated choice you can on your next home renovation project. Here at Steve Cury Construction, we have the knowledge, experience and know-how to make sure your home renovation project goes as smoothly as possible. Call us today for a free estimate: (888) 240-1192.