Often, homeowners decide to renovate their home to fix a structural flaw, take advantage of unused space or simply to make a change. These alterations can increase the functionality of your home and enhance the pleasure or enjoyment you derive from it.
However, there is another advantage to remodeling your home, one that can have a direct impact on your bank account. Remodeling your home – whether it is an aesthetic or structural remodel – is an excellent way to increase its value. In fact, you can defray the cost of any renovation project by passing on a large percentage of the cost to a future owner. Studies have shown that up to 85 percent of a project’s cost can be recouped later by selling the house at a correspondingly higher price.
Certain renovations, such as structural additions or new construction, add value for longer than other projects (such as adding a home theater or remodeling a kitchen) which might be rendered obsolete by newer and better technologies.
No matter how you decide to remodel your home, the primary reason to undertake a project should always be to increase your level of satisfaction with your home. However, for those teetering on the edge of remodeling, the knowledge that the renovations can significantly increase property value is often enough to convince them to remodel their home.
For more information about the different ways remodeling your property can increase its value, please feel free to contact us.