Invest in a Kitchen or Bathroom Remodel
Many people wonder whether the money they spend on a kitchen or bathroom remodeling
project is going to help them to increase the value of their home. This is a complicated question, and will depend on a lot of factors. If your renovations are done properly, you will definitely help to drive the price up when you sell. The question, however, is whether you will be able to increase the value of your home by as much (or close to as much) as you spent on the project. Read through the following factors to learn more about this important topic.
What is the Current State of Your Kitchen & Bath
One of the biggest factors that will determine if a remodel will pay for itself when you sell is going to be the current state of your kitchen and bathroom. If they are extremely outdated, damaged, or have other problems, then an update can really do a lot. Not only will it help to drive the value of your home up significantly, it will also help you to sell the home much faster than would otherwise be possible. These rooms that need work are ideal candidates for a refresh before selling.
Be Reasonable with Your Spending
Another thing to keep in mind is that while it may be tempting to make a major investment and create an extravagant kitchen or bath, the chances are that this won’t allow you to recoup your costs. Anyone who is willing to spend a lot more money for a fabulous kitchen or bath is going to want to plan the remodel themselves. If you are going to update these rooms with the intent to sell, you want to make smart spending choices. Focusing on the most important improvement areas, and making the rooms appeal to a broad audience, will get you the best returns.
When planning a remodel for you to enjoy for years, you want to pick out everything that you like for yourself. When doing the same remodel to try to drive up the price of your home, however, you want to make sure you are following the hottest trends. These trends are popular for a reason, and people who are in the market for a home will most likely be attracted to them. Even if you’re not a fan of a particular trend, it is a great way to bring in more buyers so you can get top dollar.
Make Sure You Sell It
Once you are done with the renovation to your kitchen or bath, make sure these rooms are featured to potential buyers. Have your realtor take plenty of pictures of these rooms, and boast that they are recently updated. Making sure that potential buyers know that they won’t have to invest money into updating these rooms for a long time can make your home very attractive.
If you have any more questions about how much value a renovation like this can add to your home, please don’t hesitate to give us a call. We serve people from throughout the Long Island area, and can be reached by dialing (631)-836-7579.