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09 Jan
Will Your Home Remodeling Pay off In the Long Run?

Remodeling your family home is one of the most excellent ways of adding functionality and aesthetics to your property. Home remodeling also adds value to your property at no extra cost from your part! By selecting the right remodeling to carry out, you can easily pass the remodeling expenses to the future owners of the property. While this sounds easier to do, it does become trickier than you thought when you get into its intricacies. For instance, is adding a home office to your home going to pay off in the long run? What if your next buyer is not into home offices? Won’t it be hard to convince them to add in a little more for the house since you added a home office?

Here is the basic rule of thumb when it comes to remodeling; only start on the remodeling if you are planning to stay in the house for a while. Remodeling in order to simply increase the value of your house and pass the costs to the next willing buyer doesn’t normally cut it. However, if you are bent on remodeling for resale, here are a few tips that may help you along.

  1. Think Before You Remodel
    Do you want your property to pay for its remodeling expenses? You will have to do a lot of thinking before you pick up the phone to call the local general contractor. The ROI of your remodeling project is directly affected by the performance of the local real estate market and the quality of workmanship that goes into remodeling. This means that if your type of house is not a big deal in the market, spending a lot of money on the remodeling is probably not a wise decision.

    Research the local real estate market to find out which remodels will add value to your house. This helps you to do the home remodeling that puts your house at the approximate local market value. Some home remodeling such as the addition of a wooden deck, home office, kitchen resurfacing and bathroom renovation have shown to have the biggest ROI regardless of the type of house.

  2. Improvements should reflect the cost of the house
    This is really a no brainer. There is no way you would want to spend $100,000 remodeling a kitchen in a house whose value in the market is only slightly above this figure. You should be keen to make sure that the remodels you do on your house are complementary to the house and that they do not leave it looking like a total overhaul was abandoned midway. Make sure the colors and décor are homogenous with the old house design.

  3. Selecting the Right Contractors
    There are many contractors in the market, and you need to make sure that you are working with the very best of the crew if you want your home remodeling to pay off in the long run. Start by making a list of the top contractors in your home area and compare and contrast them amongst each other based on such factors like costs, reputation and portfolio. The internet is always a good place to start your search for a home remodeling contractor. Alternatively, you can ask friends and relatives who have had their homes remodeled in the recent past to recommend a contractor.

by Basement
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