Despite the limitations of the appraisal process in allotting what you might consider fair value for all the improvements that you proudly made to your home since first moving in, there are certain rules that you should consider to increase the dollars you get back from your remodeling investment:
- Maintaining your home in good repair is the most critical of all investments that you can make to your home. The shape it’s in matters as much if not more than what other attributes your home may have.
- The quality of the work you have done on your home is another factor that can’t be ignored, if you are looking to make a good investment. Shoddy workmanship, low-grade materials and inferior products will wipe out any value the remodeling might have added to your home. To guard against shoddy workmanship it is important to hire only professionals to work in your home. For a list of professional remodelers, visit the “Remodelers Council” (www.ghba.org/remodelers-council) of the Greater Houston Builders Association (www.ghba.org)
- Remodel for yourself and your own family, not the next owner. It is a gamble to predict what the likes and dislikes of the next owner might be. Keep in mind, however, the more your tastes stray from the norm of most of your neighbors, the less likely you are to get maximum return from your improvements. Stay with styles, colors and features that have broad appeal.
- Kitchen and bath remodels are the two most popular remodeling projects year-in and year-out, no matter where you live. Minor kitchen remodels tend to recoup more of their costs than major kitchen remodels. Bathroom remodels also vary on how much they add to resale value, depending on the extent of the makeover. These two rooms carry the most weight when it comes time to sell your home. Attractive kitchens and baths fully outfitted with popular features will not only help sell your home faster, they also can drive the price a buyer is willing to pay for your home. Remember however, that you can get years of enjoyment from kitchen and bath remodels.
- Extra space in the right place offers a high rate of return since existing homes tend to lack the roominess of new homes. New family rooms, larger master bedroom suites and eat-in kitchens are all examples of spaces that most buyers value highly. Just as in kitchen and bathroom remodels, adding space whether that space is a home extension or outdoor living space, you can look forward to years of use.
Although it is difficult to put an exact price on the resale value of a particular remodeling project, for most of us the real value of remodeling is the comfort and pleasure it adds to the years we spend living in our home.
The Remodelers Council of the Greater Houston Builders Association is an organization of remodelers and industry professionals. We are dedicated to the promotion of excellence and professionalism within the industry, and public awareness of the Remodelers Council. We achieve this through education, certification and service to the membership, industry and the community. Members of the Remodelers Council give back to the Houston community by participating in an annual charity project. The Remodelers Council holds an annual Garage Sale at the September Texas Home and Garden Show with proceeds going to their local charity project. To join the council or to find a professional remodeler in your area, please visit the GHBA website.