Everyone hears little sayings about remodeling their home like, “remodeling a bathroom always pays for itself in the end,” or “new kitchen appliances will get you double their value on the final sale price of your home.” All of this causes a lot of ambiguity when it comes to whether or not remodeling is a sure bet for adding value to your home. The truth is, there are situations where remodels can actually hurt your homes resale price. So, let’s dive into the ultimate question as to when and how to remodel your home to get the most out of your investment.
For the most part you can safely remodel your home as needed or as wanted during the time you live at the address with little negative impact to the value of the property. Common additions like extra rooms and bathrooms do add to the overall value of homes for the majority of the residential areas in the United States. Luxury upgrades like tiles, counter-tops, and floors are also a welcome addition to the homes overall value.
Tip #1
However, remodels do not always go according to plan. When a remodel goes wrong nine times out of ten it has something to do with the contractor. Take the time to get this fundamental choice right and the rest of your remodel should go smoothly. Luckily, we live in the information age so checking a potential contractor or vendors qualifications has never been easier. Scour the internet for ratings and reviews to protect yourself from scams and untrustworthy contractors looking to make a quick buck. They could also be working without a license so be sure to double check their credentials before deciding.
Tip #2
Remember to get multiple bids for whatever project you are undertaking and beware of too good to be true bargains – it can be a warning sign that they will take your deposit, start some work, and then completely disappear without completing the job. A good rule of thumb is to take the middle bid with the longest history and best reviews to get the best quality and value out of your project.
Tip #3
Another way to keep your remodel running smoothly is to dangle a carrot to keep your contractors and vendors motivated. Contractors are notorious for following the money; therefore, it’s a good idea not pay them everything up front because they may drag their feet to finish. Pay them the minimum deposit and save the rest until the job is complete to keep them interested and invested in your remodel. You can also try to include some type of service agreement with a completion date that deducts money from the contract for every day the project is late.
Tip #4
Next have an open mind and listen to the advice of the experts. Unless the remodel is an absolute must have or you are an industry professional, the expertise of the builder’s, architects, and designers that you are working with will ensure that the finished product is something that they will be proud to add to their portfolio. An indoor slide from the upstairs hallway to the downstairs living room may sound really cool, but in the end, it’s going to alienate a huge portion of potential buyers when it comes time to sell the house.
Tip #5
When considering most remodels while you are currently living in the home, it is important to remember that time is not on your side. Depending on the type of remodel, you can experience disruptions to your life or lose access to entire parts of your house for months on end. Plus, there is no guarantee that your remodeling project will run on time and on budget. Some remodels, like upgrading your homes only bathroom, can make your house unlivable. All of this inevitably means the clock is ticking when it comes to the level of inconvenience relocating can bring or the damage it can do to your budget. Anything from the availability of supplies, like lumber, to the weather can determine how smoothly your remodel goes.
Skip the Remodel…
If you are ready to move and you are wondering if it is worth it to remodel your home for a better resale value, the answer may surprise you. You can skip the cost and hassle of remodeling and still get a great deal through an all cash buyer. We are Gulf State Homebuyers and we can give you a highly competitive quote for your home because we buy homes in as-is condition. We even buy damaged homes; so, when you consider skipping all the time and money that goes into prepping your home for sale, our offers are right on par with the local market. Contact us today for your free appraisal and receive a quote the very same day we visit! If you are happy with our offer we can close in as little as five days to help you settle the question once and for all, to NOT remodel.
