Seven Reasons to Remodel
Generally, I suggest to people that they not undertake a remodel project just prior to selling their home. This is because they will probably not recoup all the money invested. They may only recover a portion of their investment when they sell the home. If the updates are done well, they are more likely to raise the value of the house.
However, many factors can affect profitability. For example, the home may already be at peak value for the neighborhood. Or, prices may fall due to economic conditions. Or, you may make changes that are important to you, but do not create higher resale value. Therefore, think of remodeling as a way to improve the living space for you and your family. You may or may not profit from the improvements in the future.
Sometimes people make the mistake of not thinking deeply enough about how to improve their home. It is well worth it to consult with an architect and realtor before proceeding. They will know the latest trends in materials and colors, and will bring a higher level of expertise to your job. You may be thinking of enlarging the kitchen, when you could simply open a wall to have a lighter, bigger space. It is more cost effective to make better use of the room you have than to add on more space.
One of the biggest mistakes we see is the surface remodeling of a house, room by room. This misses the opportunity to consider how the architecture of the space can be redone to create more dynamic changes that truly affect the livability of the house and its market value.
Here are seven popular reasons for doing a remodeling project:
Stay in Style:
Colors and finishes transition to new styles about every ten years. For example, in the early 1990’s bath tile tended to be white with green or maroon accents. In the 2000’s that was out, and granite or travertine was in. Now we see glass tiles, concrete, and engineered stone. People want to refresh the look of their homes. Staying in style with the current trend in colors and finishes adds to the value of your home. It gives it emotional appeal – an important thing to have when you are ready to sell. Finishes are not difficult to change, and they make a big visual change – a lot of bang for the buck.
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