Buying a new home is a major investment, but the money trail doesn’t end there. Unless you’ve spent the time and money building a new home, you probably won’t need to update your property. Turning your house into a home you can treasure for many years sometimes requires interior and exterior remodeling.
There are some people who spend tens of thousands of dollars to remodel the exterior and interior of their properties. Upgrades can be made to your home, whether you’ve bought a top to repair or have been living in your home for many years. The key is to make sure you’re doing renovations that can generate some sort of return on investment.
After seeing which remodeling projects allow homeowners to recoup their expenses, we decided to put together a quick list. This way, you can make a more informed decision about any future remodeling work you decide to do on the exterior or interior of your home.
Focus on curb appeal
The exterior appearance of your house should be attractive, if it is not, it detracts from your community. All neighbors have a responsibility to keep their home and lawn in good repair, even if they don’t plan to sell their home one day.
Remodeling the exterior of your home is a good idea if your property has unsightly shutters, windows, doors, paint, front porch, and/or shingles. All this needs to be redone and updated, so that it is attractive to passers-by. And if you do end up putting your house on the market one day, you can attract prospects much more easily.
Do not spoil the original design
Some homeowners get carried away with interior remodeling and decide to transform the floor plan and layout to their liking. This is sometimes a real hassle to accomplish, especially when you have to continually apply for permits and pay for inspections. The amount of money spent to get your renewals approved is quickly outweighing what you get in return. Instead, focus on improving your property’s current design.
Focus more on your needs, not resale value
If you plan to sell your home, consider the needs of the owner. It’s easy to get carried away with the different additions you can make to make your home more valuable. But you have to ask yourself if this addition is useful and functional or not. If not, then it’s pretty useless. When you’re planning your home remodel around what’s hot, then you risk making an improvement that will one day go out of style. The economy also plays a role in what buyers look for in a new home. If your pockets are thinner, then buying a house with expensive marble and granite stone floors and walls will not be enough.
Consider working with an interior designer who knows how to design homes for function and style.
Some facts and figures from around the US
It’s good to know what to expect for certain types of exterior and interior remodeling projects. The return on investment that you can get will depend largely on where you live and what area of the house you improve. Here’s an overview of what others have recovered from across the country:
- Baltimore bathroom remodel for $9,400 recovered 182 percent of cost on resale
- San Diego bathroom remodel for $17,928 recouped $27,000 on resale
- The $11,376 roof replacement recovers an average of 96.3 percent on resale (71.1 percent in the Midwest).
- Every 1,000 square feet of additional space increases the sales price by 30 percent.
- Bathroom additions generate the most, with an average ROI of 86.4%
