Michael Nash Design, Build & Homes

Saturday, May 14, 2011

Homes as investments: remodeling for resale

While we all care about our homes and how they look, sometimes we remodel with something more than appearance in mind.  Remodeling is about enjoying our home, but it is also about protecting and enhancing our investment. Sometimes we remodel with resale in mind.

When resale is our prime consideration, where should we focus our remodeling effort and how should we approach it?

Two key areas in terms of “return on our investment” are the kitchen and the bathroom. They are hugely important in buying decisions and therefore areas we want to ensure will catch the eye of a potential buyer.

Just as there are two key areas, there are two key things to keep in mind when remodeling with resale in mind. Keep it simple and keep it neutral.

If a potential buyer doesn’t have the same taste as you, they will be put off by the thought of having to redo a room because the colors are so strong and they aren’t their colors. Neutral is generally easy to paint over or otherwise adapt.

Simplicity allows any important features of the kitchen or bathroom to stand out and get attention.

That word neutral is an important one to keep in mind. If your house has rooms with bold, solid colors you should consider repainting with something more neutral. If a buyer doesn’t love the colors as you do, it may produce a negative response in them. On the other hand, something less bold could allow their imaginations to run lose as they dream of what they might do with room.

Flooring is a consideration as well. With today’s tastes, hardwood has great appeal. If your home doesn’t have it, you could consider putting hardwood in to enhance the attractiveness to a new buyer. If that isn’t in your budget, new carpeting could help your home to “pop” in the eye of a buyer.

You should also keep in mind first impressions. What is the first thing anyone sees of your home? The outside. We’re talking “curb appeal” here.

When making changes to your home with resale in mind, the outside should be at the top of your to-do list. Your home’s landscaping can have a huge impact on whether a potential buyer even bothers to stop and take a look at the inside.

If you put some work into gardens, possibly siding or taking care of any lingering issues outside that affect how your home looks from the street, the return you get could surprise you. At the same time, your home will look beautiful indoors and out!

Whether you’re considering selling or not, remodeling is about a better, more beautiful home. And that always means greater value.

Homes are for living but they are also investments. Make sure you get the return you should!