Are you thinking of remodeling this spring or summer? Since the start of the pandemic, home renovations have been off the charts. We are all looking more closely at what we wish could be different in our homes. Now is the time for remodeling/renovating! We are going to give you a few things to keep in mind for the best return on investment (ROI) before starting a remodel.
1. PICK THE RIGHT SPACES TO REMODEL
Choosing where to spend your money is wise before starting any home project. The top three areas to get the best bang for your buck are kitchens, bathrooms, and additions (e.g. family room). Doing a minor kitchen remodel which could include painting cabinetry, new backsplash, new countertops, hardware, light fixtures, and appliances. A kitchen remodel is the number one choice for highest ROI. Depending on what shape your kitchen is in, a full-gut is also going to provide great equity versus smaller changes. Err on the side of caution when making selections. You do not want to go too high end or too low budget. Of course, we would recommend hiring an interior designer to help you make thoughtful choices.
Photos by Mackenzie Merrill Photography
2. CONSIDER THE HOMES IN YOUR NEIGHBORHOOD
When financially planning, make sure to consider how much the remodel is going to cost you and comps in your neighborhood. If your home can appraise much higher than the homes around you after your remodel, then it lessens your chances of getting your money back when you go to sell. It is amazing what a home refresh can do, so if you are in the boat of your home already being at the high end in your neighborhood, a refresh may be all that you need.
3. TAKE INTO ACCOUNT HOW LONG YOU WANT TO STAY
Are you planning to remodel with selling in mind? Or are you going to enjoy your home for years to come? This can help determine how you want to utilize your spaces, what you take into consideration if you are remodeling a heavily used area, or your gathering areas. If you are staying long-term, it is worth going into more detail and getting the chef’s kitchen you’ve always dreamt of as an avid cook, or putting in the bathtub of your dreams with a fancy antique brass faucet. If you are planning to sell, don’t splurge on high-end finishes, customization, or all of the bells and whistles. You may want to opt for luxury vinyl plank flooring versus hardwood flooring, for example, or go with inexpensive tile for your bathroom remodel. Of course, if you are staying for awhile, making sure you are in a comfortable price range and not going too far with customizing will give you the best outcome when it is time to sell.
These are just three quick tips for you, and we are happy to share more. We of course would love to help you with any remodeling projects you have in mind, so feel free to reach out to us and enjoy your weekend!
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