What to Keep in Mind When Doing Home Improvements!

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Home Improvement

What to Remodel?


 Based off of what are the most important rooms to have staged for a home to sell quickly, we can assume that those would be the best rooms to renovate/remodel. Although the return on investment varies depending on the location of the house , the market, and the style of the romedling, it could be a contributing factor to your house not staying on the market for a long time when you are trying to sell! Besides having a beautiful, clean front yard, having a gorgeous living room could increase the value of your home or make it desirable enough to where your home will be a quick sell. So, that could be a room homeowners focus on to remodel to make it more appealing and increase the value of your home.


Times Change


Not all remodels are the same. You could put time, effort, and a lot of money into remodeling your home and it may not pay off! Stay up to date on the latest trends and technology that people desire in their home. Of course that may not be your goal, and you would like your remodel to be custom for you, but not everyone will have your taste and might not like what you’ve done. Depending on the times, it could be the reason your home stays listed on the market for a long time, which tends to lead to price reductions, leading to a small return on your project, if any! You might want to remodel your kitchen and install all the latest technology making it a smart kitchen as that is becoming more mainstream.


Location, Location, Location!


You also can’t forget the location of your home. In some states you might want to install a pool, but that would simply not make sense to do in other states. A backyard patio might be a decent investment in your home in certain areas but not others. You might want to do some research for your town and neighborhood to see what is desired by people, before you unload a bunch of energy and/ or cash into a project that might not have a great return on investment.The location of your house could also affect the cost of renovation. 


When is a Good Time to do Home Improvements?

 

I personally think it depends on the type and cost of renovation a person is doing. House prices have been going up for some time now  and people don’t seem to want to keep paying up at higher prices. I don’t think it is a terrible idea because it does add value to the home (some improvements more than others) but it might not be recognized in the short term if it is a remodel based on your personal preferences. What you change might not be what is trending now or in the future, so that is another factor to consider. People have lately been deciding to settle into their homes and renovate them instead of moving out as home prices have been on a gradual incline for years now.

It is certainly the safest route for you to research the potential cost, your community, and talk a local real estate agent to get an idea of what is the best decision to proceed with.

                                                                                                                                                             

Partner up with a local real estate pro to buy or sell a home! Call me at 707-480-9383!


Need a loan? Have any questions about the mortgage process? Call my friend Eric Taggesell, VP of Mortgage Lending at Guaranteed Rate Affinity  at 707-757-6195!


Resources:

https://www.nolo.com/legal-encyclopedia/what-home-improvements-tax-deductible.html 


https://www.hrblock.com/tax-center/filing/credits/home-renovation-tax-credit/


https://www.jchs.harvard.edu/research-areas/remodeling/lira


Infographics:

https://www.car.org/marketing/clients/infographics/Staged%20Homes


https://www.car.org/marketing/clients/infographics/Remodeling%20ROI


https://www.car.org/marketing/clients/infographics/Future%20Proof%20Kitchen


https://www.car.org/marketing/clients/infographics/Remodeling%20Regret


https://www.car.org/marketing/clients/infographics/Save%20the%20Sale


https://www.car.org/marketing/clients/infographics/Summertime