Return on Investment of a Remodel
You read our last post about Renovating vs Remodeling and now you’ve decided you definitely want to remodel. Congratulations on making the big decision! Now let’s talk about another word that begins with R: Return as in ROI or Return on Investment. In general, there are two ways to think about remodeling: an investment in your home vs. an investment in your real estate. This might sound confusing, but let’s break it down.
Investing in your home
The scenarios are somewhat similar, and the decision usually centers around what your home and where you live most means to you. For instance, perhaps you live in the perfect location, your home is a family heirloom, it is of architectural importance, or simply where you intend to plant your roots. Maybe every time you come home your view tells you; I want to live here forever. Whatever the reasons, you are clearly vested in this home whose four walls are intrinsic to your quality of life. And so, often times this alone is the rationale for your remodel. It’s difficult to put a price on the feeling of a space, but in the end, the true return on investment becomes the health, happiness, well-being for you and your family. However, even with a long-term commitment to investing in your home, there has to be a palatable balance for the cost vs. the return. Therefore, more often than not, it pays to work with Johanna G. Seldes IDC/Interior Design Consulting. Her expertise from spatial planning, to project design, to construction, and installations, can ensure you make the ideal choices that make the most sense for your budget and your forever home.
Investing in your real estate
Alternative remodeling situations occur when you know there will be a new job, a growing family or an empty nest in your future, where you know at some point you’ll probably move again. If your eventual plan is to sell your home, any remodel should have immediate and high cash ROI. We wish every home improvement brought a good return on investment when selling but sadly not. If your house is looking a little dated, you can upgrade while also getting the best bang for your buck. If a “For Sale” sign is on the horizon, higher ROI just makes sense.
Yet, which improvements bring the greatest return?
Home Improvements with High ROI
Adding square footage – The best return on investment is adding space. Whether it’s converting an attic or basement into a family room, building out a whole new room or bathroom, or even installing an outside kitchen, the addition of space means more money when selling.
Kitchens and Bathroom– You spend time daily in both so the remodel of either often ends up making you even more money than the cost of the construction. A potential buyer will walk into the room and think “I can see myself here” instead of “oh goodness, we have to change this.” Creating a simple, soothing environment in bathrooms or a stylish and functional well-appointed kitchen, allows for the future owners to picture themselves living in the space. Remodeling a historic home notwithstanding, generally it is advisable to avoid heavily-themed or period-like specific cabinet styles or surfaces. You don’t want to leave someone with the not-so-modern equivalent of shag carpet. Hiring an interior designer can make sure your remodel is timeless.
Doors and windows – The only return on having less than energy efficient windows is a high electric bill. Upgrading the doors and windows can really update a room – and your wallet. Not only do current options save energy, but they also come in a wide variety of styles and finishes that elevate the space.
Garage Doors – Same with the older window and doors, a weathered garage door might be livable for you but could be a bad first impression to someone touring your house. Installing a brand-new garage door is an inexpensive way to save energy and increase your curb appeal.
Paint – There’s nothing quite like a fresh coat of paint. Painting is another inexpensive way to make your home look more modern. You might love a specific shade of green, but not everyone will. Calm tones compliment any décor.
Cabinet Hardware – Much like a fresh coat of paint, it is astounding how effective updating cabinet hardware is and how immediate difference.
Regardless of whether you’re considering a weekend project or a major remodel, understanding the return on investment can help you make the best choices for your project, your home and your wallet. In general, in potential resale situations, a good rule of thumb for high ROI home improvements is anything the new homeowner might want to change immediately upon move in. Try to walk through your home with fresh eyes or consult with Johanna G. Seldes IDC/Interior Design Consulting. The Refresh by Design service may be just the answer for you.
The vast experience and services offered by Johanna G. Seldes IDC/Interior Design Consulting give you an expert in not simply identifying the most effective updates and upgrades for your situation, but the wherewithal to achieve them.
Contact Johanna today for your initial consultation.
Johanna G. Seldes, ASID IDC/Interior Design Consulting is a full service, award-winning Tampa Bay interior design firm that works with custom home builders, remodeling companies and individual clients. We provide interior design project management services throughout the entire construction process, including preconstruction design, selections, and installation.Tags: full home renovation, Full service Tampa Interior Design, interior design services tampa, johannagseldesidc, johannagseldesreadmyblog, Tampa remodeling and renovations