If you?re thinking about selling your home, naturally you want to get the most for your money out of the deal. With that in mind, remodeling or making other improvements to your home has the potential to bring a great return on your investment. However, any major home improvement project has its potential downsides in terms of how it could affect your resale value, making it particularly important that you do not jump into anything.
First and foremost: Is your home truly in good shape? If the roof leaks, the foundation is cracked or you have any other issues that could lead to bigger problems, invest your time in making sure that your home is up to snuff structurally. Cosmetic improvements will only divert time and resources away from fixing the real issues your home has that can and will affect a sale.
If your home?s in good shape, taking some time to plan your improvements ahead of time will save you a lot of headaches, cost overruns and other problems down the road. If you?re planning on a significant modification to your home such as a room addition ? contact your local government to make sure that your proposed modification is permitted and will meet code. An unexpected code issue cropping up down the road could easily cost you a significant amount of money to correct it or might even result in you having to tear out your modification altogether.
Also equally important yet gets overlooked all too often: Get a solid budget in place, and make sure that you have enough room in your budget to allow for anything unexpected that may come up. If you?re about to undertake a major remodeling project for instance, you could easily find yourself dipping into your pockets to cover additional wiring or plumbing, for instance. The general rule of thumb is at least 20% of your estimated budget should be available to cover any cost overruns.
It?s a tried-and-true expression: Bathrooms and kitchens sell houses. A remodeled kitchen and/or bathroom can often return a good portion of your investment when you sell your house. However, don?t make the mistake of focusing all your efforts on one or two rooms while leaving the rest of your home untouched.
Stay conservative with any improvements. While that new swimming pool might sound tempting to you, it?s not likely to be a big selling point. Ideally, any changes you make to your home should be things that can be changed relatively easily such as new paint. Your goal should be not to make so many improvements to your home that you literally price it out of the neighborhood.
While it?s not an expense you should undertake lightly, a room addition can be another excellent way to raise the value of your home. An extra bedroom in particular is a great selling point for many homebuyers. Having your home inspected by an appraiser or real estate agent prior to constructing an addition can give you a reasonably good idea of how it?s likely to affect the value of your home.
Justin Krutz writes about home improvement and assorted related topics for Palatin Remodeling, Inc., a company specializing in Los Angeles bathroom remodeling and kitchen remodeling services.
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