One of the many benefits and major reasons why homeowners undertake a remodeling project is the promise of increase in home and overall property value. It is done either to get the house ready and get the most out of a resale; or let the family lavish at the added comfort, appeal and functionality and recoup investment later. However not all renovation can increase the marketability of your New York property. So to get the most out of your home improvement investment, it pays to know how remodeling and home value are associated whether you are in Long Island, Queens, Manhattan, Staten Island, or Brooklyn.
If you want to spruce up your New York home to enhance livability, you have got to evaluate and consider yours and your family’s current needs and wants. But to increase home value, there are other factors to look into when planning a remodeling project:
In Real Estate, there are market trends that will inevitably affect how much boost in home value you will get if you decide to go on with remodeling. It is important to know and analyze the current industrial trends, whether the property prices in your area is increasing or decreasing. If it is decreasing, the renovation may cost you huge and not return any- putting you at a loosing end.
Especially if the remodeling will affect the physical look of the house, it is also important to consider the rest of the houses near you. There are housing communities where houses are built much in the same way. If you have an addition or do something to your exterior, make sure that you do not make a sticking eyesore out of your home.
When remodeling for increased home value, it is important to note that how much you will earn is not dictated by how much you spend. This makes it crucial for you to research first on what tasks to include in your project. It would also be financially sound to invest on low-cost jobs that bring about a good impact. Some of these that you might want to consider include:
- Changing lighting fixtures
- Repainting walls- interior and exterior
- Refinishing cabinets, floor, stairs and other wooden home features
- Focusing on details whether adding moldings and backsplashes, and replacing cabinet hardware.
- Cleaning up the house and entire property
- Trimming trees and shrubs, mowing the lawn, and having plants in bloom planted for added curb appeal
- Maintenance and small repairs as needed to preserve functionality and beauty
Type of Remodeling
There are different types of remodeling projects and what you decide to pursue will greatly affect your home value. Being the most essential areas in just any home, bathroom and kitchen renovations rank among the top projects that afford homeowners the highest return on investment. When done right, the remodel could even end up paying for itself or bring about more profit. In average, here are other top-grossers when it comes to added home value:
- Bathroom addition
- Installation or replacement of siding
- Two-story addition
- Basement remodel
- Attic remodel