Many homeowners are using these troubled economic times to spend money on remodeling and redesign. Why spend money now? Because construction materials are cheap! Plus, more and more folks are doing projects themselves, saving a bundle on labor costs, and gaining satisfaction in their own hard work. Some homeowners might be remodeling their homes to better serve their needs for living in their home for years and years (perhaps even the rest of their lives), but others are remodeling now so that their home will have a higher resale value for the near future.
Here are some tips for gaining resale value with your remodel:
- Always remember to keep your remodels within the scope of your neighbors. You don’t want to install marble counters and expensive, fancy fixtures if you live in a modest neighborhood. On the flip side, if you live in a luxurious neighborhood, you won’t want to install the most basic of fixtures.
- When in doubt, make it neutral. From flooring, to paint colors, to fixtures, to lighting, if you are wondering what colors or styles to use for your remodel, keep it neutral. If you go with something that has a lot of “character,” you may deter buyers when they visit your home. Neutral colors and fixtures will appeal to a lot more buyers. Also, when you keep things neutral, buyers can imagine their own belongings in the home more easily without being distracted by the crazy colors or light fixtures.
- Highlight the parts of the home that you love the most. If you love your living room fireplace, make it stand out! If you have a bonus room that would work great as a sitting room, furnish it that way and provide the right lighting and relaxing colors. In most cases, if you love something about your house, the next owners will too, so you want to highlight those parts and make known the best parts of the home.
- If you have small rooms, make them seem larger. Clutter and cramped rooms cause a sense of claustrophobia for buyers. If you live in a small home, or have a small room in your home, remove the clutter, use simple fixtures and furniture, and keep your decor consistent. The point is to show off the home and its structure and architectural details, not your stuff.
- Stay within budget. As I said with #1 above, remember to keep within the scope of the neighborhood, but also keep within your budget. In order to keep within your means, you’ll need to first come up with a budget. If you have a small budget, you should plan to make the largest impact with what you have. Here is a chart that shows what you will typically get for your money (from Home Gain):
- Once you have completed your remodeling projects, make sure you stage your home well! This will get buyers in the door (your photos will be great with a staged home), and they will be able to visualize themselves living in the home. When they imagine living there, there is a greater chance that they’ll experience that “this is it!” moment.