A well-conceived remodeling project can turn a decent yet imperfect home into a real star. But while it’s easy to spot a top-notch remodel after the fact, it’s not so easy to make sure your own project will turn out to be a winner.
A poorly remodeled home is not just a disappointment. It also can be a serious financial loss because a home that has been badly remodeled may not retain as much resale value as similar left-alone homes in the same neighborhood.
What’s more, remodeling isn’t cheap. Homeowners who make the investment to improve their home must repay whatever sums they’ve borrowed to finance the project even if turns out to be less attractive than they’d hoped it would be.
Kitchen, master bath offer best return on investment
Savvy homeowners focus their remodeling efforts on the kitchen and the master bathroom because those two rooms typically contain the most built-in components that can be upgraded and, consequently, are most likely to capture the highest return on their investment. That’s especially true if those rooms aren’t comparable to other homes in the area. Bringing an attractive or dysfunctional kitchen or master bathroom up to market expectations and standards can be a good remodeling opportunity.
Popular items for kitchen and bathroom upgrades include new hardware, faucets, lighting, countertops, cabinets and flooring. New kitchen appliances and bathroom fixtures are also good picks, though those are more expensive items to upgrade.
Other remodeling projects that can offer a good return on your investment at the time of resale include siding, roof replacement and updated windows.
Remodeling mistakes to avoid
Ill-advised remodeling project are those that turn a basic space such as a garage into an atypical space such as a playroom, media room or guest room or turn a guest powder room into a pantry or small closet. These remodels aren’t recommended because future home buyers probably will prefer the typical use to the less-common use and that preference tends to reduce the resale value of the home.
Another iffy remodel is the addition of a swimming pool, particularly if there is a shared public pool in the community. Surveys suggest that a new pool can cost $20,000-$50,000 to build, but will add only marginal or even no additional value to the home.
A half-finished remodeling project also is likely to repel prospective future buyers who don’t want to remodel their own home. Once begun, a remodel should be completed with all the finishing touches to make the best impression.
Another common remodeling error is to over-improve a home so that it’s no longer in line with the neighborhood. For example, upgrading the kitchen in an entry-level home might be worthwhile, but adding granite countertops, top-of-the-line appliances and other luxury-level features might not be a smart investment.
Similarly, extravagant single-use rooms for special purposes like arts-and-crafts or high-tech media-watching might be perceived as an inefficient use of space in a small home and again create a negative image for resale.
Remodeling magazines, model homes in new communities and remodeling books available at specialty bookstores or public libraries can be good resources for remodeling ideas and more information about smart remodeling projects.
Related Articles
