Real estate agents are frequently asked if it is better to a home remodel or to just sell it. Generally speaking, remodeling projects that improve or build off of what is already there is much more expensive than having something brand new built or something being added. You might end up with more money and time invested into a remodeling project than you would have if you had just bought a new home that suited to your needs better.
You’ll need to ask yourself if your home has too many irreplaceable features, and if you want to sell, would you be willing and able to duplicate these features in your new home? If you are willing to spend the money to build in your preferred features, then you should really consider selling your home and buying a new one. If you don’t think you can recreate your favorite features in a new home, then there a few things you should be aware of.
When remodeling, you have to look forward to when you’ll eventually have to sell it. Some common remodeling projects and home improvements can get different percentages in return. For instance, replacing your entry door can get you up to 96.6% in returns. Adding a deck can return up to 87.4%, and garage door replacements, minor kitchen remodels and attic bedrooms can get 82-84% return.
Some remodeling projects might not be worth it. The addition of a master suite addition or a backup power generator offers about 67% in returns, a bathroom addition brings back 60%, while a sunroom addition or a home office remodel is only about 49-52% in returns.
One of the most important things you’ll need to consider is whether or not you actually have to remodel or upgrade. For instance, if your door is only cracked or peeling, you may just need to give it a fresh coat of a bright colored paint.
After you paint try buying planters and other accents like a porch swing in the same color and that will boost your curb appeal with almost no effort. Make sure you don’t assume that a complete remodel is necessary; sometimes all that is needed is a repair and a fresh coat of paint.
Consider how long you’re planning on staying in the house and don’t worry too much about what buyers will think. Focus on projects that will make your stay in the house more pleasant for you and the rest of your household. Try some minor projects like knocking out a few walls to enlarge your living room or redo the attic to make it a bedroom or playroom.
The addition of a master suite, a sunroom or even a second story is worth the extra money if you feel you need the space, but keep in mind that all of these additions require building permits, and that the work can for months at a time. DO NOT attempt a major remodeling project without an experienced contractor or architect. Make sure to take advantage of having an expert around and make sure any projects you’re undertaking are complimenting the architectural style of your home.
Usually, smaller projects and remodeling jobs can get you more return than the larger ones, so start with those and fix any minor things that you can before moving onto the big stuff. As you spend more time in your home you’ll get a better idea of which upgrades and changes you can make that will most sense for you , your home and your budget.
If you’ve decided that you’d like to sell, contact the Sandi Pressley Team today.
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