We all want to improve our home with home renovations, so that it looks like some of the homes you see on house- flipping shows on TV, right? While they make home renovations look amazing on television, we are all living in real life. Some things to consider before making any big remodeling decisions are:
1- How much will a home that has been renovated sell for in your neighborhood?
2- Are you planning on living in the house for more than just a few years?
3- Is it a buyers market or a seller’s market?
Renovating Smart: Maximizing Your Home’s Value Without Overdoing It
If you take on a massive renovation project with the plans of selling your house in a year or two, you should pay attention to what is going on in the marketplace. Contact your Realtor and ask them what they see happening in the marketplace in your neighborhood. If most of the homes in the community are selling for $650,000 for houses that are less renovated; and $850,000 for homes that are fully renovated, you’ll want to make sure that you fall into this bracket after renovations.
However, this is always not set in stone. What I am trying to convey is that you would not want to do such renovations where if you were to put the home on the market you would have to ask for $1,500,000-$2,000,000 in order to come out ahead. The buyer in that price range is not going to be looking in your neighborhood. Instead, they will be looking in an area where other homes are selling in that price range. The rule of thumb is to never buy the nicest house on the block. Instead, it is better to buy one on the block that is not as overly improved and has a better price tag on it. This way there is room to improve without over-improving.
Home Remodeling Tips and Ideas to Consider
If your goal is to simply make the home as nice as you can so that you can enjoy it while you live it, then do it. Just know that you should always think about resale. I know, I know, you are going to live there for the rest of your life right? Well, things happen, and the rest of your life sometimes changes. So, make smart choices. Here are some of the best remodeling tips to take into consideration. Consider renovating the kitchen and bathrooms. These are always a big hit for buyers. Also, your remodeling project may benefit from creating a spacious master bedroom. Buyers love seeing this. Instead of sinking a ton of money in the backyard that is bare right now, look at the inside and plan on doing these three rooms.
What Colors Should I Use When Doing Home Renovation
If you are into bright, loud colors, this is fine with walls. But, shy away from adding counters, tile, or floors that have bright personal colors such as pink, purple, orange, red, etc. You get the point. Walls can be painted on a shoestring budget. But, redoing the bathroom tile, or kitchen counter can be costly redo. If you like dark colors, go for it but know if at some point you decide that you would want to sell your home, plan on painting it lighter. Our homes in North Park, South Park, and the metro neighborhoods of San Diego tend to be smaller than other parts of the Country. If you paint the rooms dark, they tend to look smaller.
Homebuyers would then feel the home is too small for them. There are many different shades of light colors that we typically recommend when selling a house. Wall colors range from various shades of whites, greys, and very light pastels for accent walls. Exterior accent colors for front doors and garage doors range from oranges, reds, yellows, mints, and several others. Even though we like to keep the home light, we also want to create a pop of color. Remember, you want to attract a large pool of buyers if and when you decide to sell your house.
How To Renovate Your House
There are lots of places to get ideas before starting a remodeling project. The best way to save money before taking on a renovation project is to do your research. Create a dream board of things you would like. Once completed, figure out what you absolutely must have and what you can do down the line in the future. Ask friends and neighbors for referrals. Your realtor should be an excellent resource for finding great handymen/women, painters, and other tradespeople. After talking to several of these referrals and getting proposals, talk to some of their past clients. See what they have to say about their work. Once your decision has been made, go for it.
The job has been completed. Now enjoy your remodeled home. If several years down the line you decide that you would like to sell your home, call the McT Real Estate Group for tips getting the highest dollar amount for your investment.