The Value of Home Improvement

home improvements - kitchen dining roomMost home owners have to consider home improvements at some point. Your real estate goals can influence those decisions as you consider what’s worth the investment. If you are planning to sell your home, you may consider different options than if you are planning for long term comfort. If you plan to resell, your goal will be to increase the monetary value and if you plan to stay in your home long term, you may be more focused on improving functionality and comfort.
Of course you’ll want to increase the monetary value of your home, but for those planning to sell sooner than later,  it’s important to note that the listing price or your home will be based on local market conditions, not on how much you have spent on improvements. If you are able to do some improvements yourself, you can save some money on labour costs as investing dollars into your home may not translate directly to dollars out. At the time that you list your home, the price will be based on similar homes with similar features.
Kitchens and bathrooms are often rooms that carry more weight in the decision making of buying a home. For this reason, if your goal is to resell your home, you’ll want those improvements to be easily recognized during the home showing. New appliances, modern back splashes, flooring, and fixtures will draw more attention to a prospective buyer than functional things like the plumbing under the sink or the new hot water tank. Maintaining the exterior of your home is also a good investment for those looking for improvements that will help to sell their home.
For those planning to stay in their home, the renovation list will be more personalized, however it’s still a good idea to consider lasting value in your plans. Not everyone needs room for a pool table, or wants the cost of maintaining a hot tub, however improving your home efficiency, ease of function, and storage options are investments that will add long term comfort and retain value over time.
If you’re considering listing your home for sale, give us a call. We’d be happy to make recommendations that will help you maximize the return on your home investment.