If you have limited home improvement dollars, then you understandably want to stretch your budget as far as it can go without compromising quality. Here are five home remodels that make good financial sense with a solid return on investment, along with five that do not.
Home Remodeling Projects With Good Resale Value
1. Kitchens
Updating an old kitchen is always a great way to increase the value of your home. It adds functionality, improves flow and incorporates the latest in appliances, plumbing fixtures, cabinets and countertop materials.
If you can focus on cosmetic fixes rather than altering the layout and tearing down walls, you can keep your costs to a minimum while still enjoying a “new” kitchen.
2. Adding Living Space
The addition of more living room space is another wise investment, as more square footage generally increases property value. This will require, of course, demolition of exterior walls, new foundation, new roof, new siding and new windows – all of which add up to a hefty chunk of change. But the resulting ROI and added space you will enjoy may be well worth it for your growing family.
3. Curb Appeal Projects
Your lawn and front of the house are what people notice first. That’s called curb appeal. It doesn’t have to cost a fortune to boost your curb appeal. Some landscaping, repainting, window replacement and even the addition of a front porch or dormer can translate to a higher ROI.
4. Master Suites
Choosing to update, remodel or add a master bedroom will always be money well spent. You want potential buyers to imagine themselves living in your home, and if the master suite offers plenty of room, closet space and luxurious extras, that could sweeten the deal. Attach a master bath to the project and you’re golden.
5. Bathrooms
The more bathrooms, the better. You won’t get much value out of a five-family home that only has one bath. All bathrooms add value, but especially master baths, followed in importance by guest bathrooms and kids’ bathrooms. Same thing applies to bathrooms as kitchens — cosmetic changes are better than physical alterations of the space.
Home Remodeling Projects With Poor Resale Value
1. Kids’ Spaces
While a refinished space such as a basement that doubles as a kids’ space is a good idea because it’s versatile, child-specific areas such as rock climbing walls may represent a negative value to potential buyers who don’t have kids, whose kids are all grown up, or who would much rather use that space as a man cave.
2. Swimming Pools
Swimming pools may be fun for some families, but in many cases, they are perceived by buyers as a negative maintenance expense.
3. Wine Rooms
It may sound cool at first to construct a wine chiller or room, but this type of investment only appeals to wine drinkers.When adding specific-interest spaces to your home, always consider the personal nature of it and if a potential buyer down the line would appreciate the investment.
4. Removal of Features
Removing valuable features is generally not a good idea. Let’s say you have a fireplace in your basement but you never use it so you decide to remove it. The next homeowner may be upset that it was removed and all that money you shelled out to have it demolished could come back to haunt you.
5. Minor Additions
Projects that only add afew square feet, such as when expanding a bathroom or guest bedroom, is not the best use of your money. Let’s say you just want to bump out your bedroom by a few feet to add comfort and versatility. But the extra cost of adding to the foundation, roof, framing, drywall, and siding won’t give you more than a small gain in square footage. You will unlikely recover the cost of that minor addition.
In the end, the decision on which home improvements to make is entirely personal. If you don’t plan to ever sell your house, or you just don’t care what impact the project has to your property value, then go right ahead and make the changes that bring you joy!
Contact AD Construction
If you’re planning a remodel of your home and need a trusted Beacon Hill contractor to get it done, give us a call today at 877-345-BUILD.
