| Remodeling can make your home more valuable, as well as more livable. Although the cash you spend on improvements seldom yields a dollar-for-dollar return when you sell your home, some remodeling will certainly return more of your investment than others. Stick with the projects that will allow you to both sell your home quickly and recoup most of the investment.
Strategies to Bank On
There are a few guidelines to follow that will help improve your chances of a good return:
- Keep the value of your property within 15 to 20 percent of others in your neighborhood. If you live in an area of $100,000 homes, buyers probably want a home close to that price. Buyers who can afford pricier homes will shop in more expensive neighborhoods.
- Style your remodeling for mass appeal. Buyers prefer neutral, mainstream design. Play it safe with colors, patterns and kitchen design. Consider local preferences, too.
- Give buyers quality construction. Use materials that look good and wear well. If you plan to do the work yourself, obviously you can recover a substantial amount of your investment; however, honestly evaluate your ability to do it right. A poor do-it-yourself job costs money in the long run.
- Keep your remodeling compatible with the existing house. Additions and improvements that look “tacked on” may detract from a home’s appeal. Choose materials and design elements that match or blend with what’s already there.
- Finally, before beginning any major remodeling, consider consulting a professional for advice. The right improvements can help a home sell more quickly and for a higher price.
Keep in mind that local market conditions will influence the actual resale value of your remodeling.
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