With the warming weather underway and your Spring cleaning recently accomplished, now is the time many homeowners start considering tackling those major home improvement projects. If you’re feeling particularly handy, or have brought in the professionals, to undertake a major home renovation this year, you know the importance of coming up with a game plan. But before you draft those blueprints for your new addition or masterpiece built in fish tank meets wall unit, take a few minutes to digest a bit of handy guidance on renovations and home value.
Are You Looking to Sell?
Before commencing any remodel on your home, consider when and if you will be looking to list your home on the market in the future. If your intention is to remain in your home for 5, 10 or more years, you will have more flexibility and a greater amount of time to get a return on your investment. Do keep in mind that life can sometimes bring the unexpected. Despite your best laid plans, you may find your job and family relocating sooner than you considered. While this shouldn’t stop you from enjoying your home now, you may want to keep resale value of any major improvements in mind.
Modern Trends or Timeless Classics
On the topic of resale value, there are numerous factors that will impact your improvements addition (or subtraction) to the value of your home. We’ve all heard of the obvious considerations here. Adding or subtracting bedrooms or bathrooms or spending money in high value areas such as the kitchen, are points addressed in most major home improvement magazines.
What is less talked about is the overall look, feel or aesthetic of any improvement you may undertake. When renovating with an eye to resale it’s better to avoid modern trends and stick to timeless styles. That all black vinyl counter top may be all the rage this year, but it also instantly dates the renovation and may be a fashion faux pas five years down the road. Neutral colors and quality materials will always be in style. If hiring a contractor, consult with them prior to importing that sapphire blue Italian marble, or similar trendy item. Chances are they’ve worked in quite a few homes in your area and can offer feedback on keeping things classy either now or years later.
The Personal Touch isn’t Always Best
Another overall theme to consider with your renovation is whether you are personalizing the home “too much.” If you’ve designed the newly refurbished basement to be a home gym, complete with built in weight machines and mat flooring, it will be very difficult for future buyers to change the space to be used for another purpose. If you don’t have enough perspective buyers that are also gym rats, this can mean you won’t get a return on investment for your upgrade. For extremely specialized upgrades, future buyers may even consider them a liability or a change that devalues the home.
Making improvements and placing finishing touches on your property is a large part of what makes a house a home. While making the space your own should always be highly encouraged, if you’re considering a home sale in the near future you may need to rethink your strategy just a touch. Renovating, refurbishing or other construction on your home is a major undertaking. Spending a few minutes up front to plan not only the individual logistics of your job, but also the long and short term impacts to home value or resale ability, will return major dividends in the end.
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