Make Smart Renovating Decisions and see a Return on Investment
Renovating can be one part enjoyment and one part frustrating. It can be costly when mistakes are made, not only by you, but by people you were convinced were good for the job. It happens to the best of us. But, when it is done right, it can have some serious applications for future endeavors, or allow you to play out a dream or idea. You are not the only one considering new flooring or a new home addition design; two-thirds of homeowners are running scenarios through their head, wondering if now is the time for home remodeling.
Let us be clear: do not renovate with the sole purpose of flipping your home. No matter what you do to “improve” your home for resale, chances are the next owners will not even keep your aesthetic. Instead, if you are looking to up the resale value of your home, invest in quality-of-life changes, or even home additions. If that is not what you are doing it for, then the decisions you are making are solely for you. Start with what you think is missing from the house and go from there.
Which leads us to updating. Depending on what you feel needs to be renovated, it is likely that some kind of updating will need to be made before renovations can move forward. For example, a bathroom with certain specifications might not work on older infrastructure.
If you plan on selling your home someday, then investing in home additions–like a renovated basement–is not a bad place to start. In fact, over the past two decades, renovated basements are quite popular among house owners, according to surveys that were led by the National Association of Home Builders. This is where resale return can be considered. Home Advisor calculated that, on average, you can see a 70 percent return on your investment if you consider basement remodeling.
Consider this as well: if you are an inside kind-of-person, but would like to spend more time outside, if you chose to update your outdoor space you could be convinced to venture outside with a dedicated space. You can catch yourself a healthy amount of sun, enjoy a good book and the breeze. In fact, Houzz Landscaping and Garden Trends Study even corroborates that idea stating half of homeowners would gladly spend several hours outside every week if they had a place outside to hangout in.