Regardless of whether of not you strategy to sell your house in the near term, resale value should usually be a consideration whenever you are planning out a home remodeling project. In fact, you will need to be thinking ahead to resale prior to you even get a home, given that you never know when circumstances will alter.
Now, having said that, my opinion on the subject of resale is this. You can either make your home generic to appeal to the masses, or you can make it special so as to appeal to the niche buyer.
If your house is pretty a lot generic, such as component of a development of similar houses (e.g., tract, PUD, etc.), the sale is mostly driven by price, which is a dicey proposition in a weak housing market. But if your home is unique or special in some way so as to fit the particular preferences of only a handful of niche buyers, they will pay far more for it ... while it may take longer to sell if no such targeted buyer occurs to be prowling your marketplace at the moment.
A main consideration for you in the project planning stage -- or even prior to you purchase a home for enhancement and resale in the 1st location -- is to decide what marketplace you envision for the finished item.
In my experiences performing dozens of remodeling projects on numerous houses over the past 16 years, some of the houses could be described as your simple California single-story ranch-style household on a flat lot, which in general has fairly broad appeal. On the other hand, one home with its reclusive hillside setting and acres of avocado orchards, and a different with its two-story farmhouse design and horse facility, every appealed to a a lot narrower spectrum of buyers.
But contrary to what you might have heard, uniqueness is not necessarily a bad factor. Even though it might take longer to sell a home with unique characteristics -- and numerous prospective buyers indeed will not be willing to pay extra for them (and could not want the house at all mainly because of them) -- that smaller group of targeted buyers who are seeking special amenities (such as a horse barn, tennis court, guest house, or swimming pool) typically will be willing to pay up for them. All points considered, I prefer to make a house somewhat special and special ... but that doesn\'t mean crazy, artsy, or eclectic!
Focus on high-value projects
It is significant for you to focus on high-value-added projects that are appropriate to your marketplace and neighborhood. Of course, lots of household upgrades will not return the value invested via enhanced sales cost -- while they might be appropriate anyway if you are performing it for your personal enjoyment. Just know in advance why you are performing the project, and do not naively assume that any project you do will give you a dollar-for-dollar improve in household value.
A swimming pool may well fit into this category. Many homebuyers have no interest in dealing with a pool. Yet, if you seriously want one for your own enjoyment, you still must believe ahead toward eventual resale and attempt to optimize its impact on home value. For example, think about placing and designing the pool in harmony with (and possibly as a focal point of) your landscaping, i.e., think of it as a clean, soothing, and decorative waterscape, and make it as appealing as feasible. The overall feel and marketability of your property will be significantly enhanced versus just plunking a fundamental concrete & plaster pool and cool deck in the middle of your yard with a toddler fence around it.
A different example may well be an elaborate master bathroom, with significant Jacuzzi tub, sauna, and built-in flat-screen TV. Positive, it may possibly be your dream bathroom, but will it seriously fit with the rest of the residence -- or the rest of the neighborhood for that matter? If you have a top-to-bottom luxury household, it may well be completely appropriate, enhancing both your home\'s value and its appeal to that niche buyer.
Otherwise, look at no matter whether the expense will only turn off the target buyers as an extravagance. If you are in a modest neighborhood of comparable homes, be cautious of overdoing the appointments relative to what is common in the neighborhood. Even though a tasteful extravagance would in all probability support the home sell quicker, it might not add significantly to the price. So ask your self, how a lot will this project actually add to the value of my household?
Also, give consideration to the lifetime cost of an upgrade, especially if you are planning to stay in the home for awhile. As an example, vinyl-covered wood-frame double-pane windows could possibly be desirable for their triple benefit: strength, energy efficiency, and low maintenance.
Strategy in Advance! You have heard it a large number of times prior to: If you fail to plan, then you strategy to fail. So begin by seriously asking yourself questions like these:
- What am I attempting to accomplish? Am I fixing up the home to sell, or do I just want to create a more pleasant living environment for my family?
- Does the house require main repairs that will require permits and contractor involvement, or are these projects that I can tackle myself?
- Ought to I stick to a firm spending budget, or can I use a flexible checkbook to pursue my vision?
- Do I want to immerse myself in this and get it all performed as speedily as possible, or do I want to take my time and attempt not to get stressed out?
In any case, don\'t invest impulsively or frivolously! This is a trap I have fallen into, considering that I\'m somewhat impulsive by nature. Write out a plan of some kind. It can be dynamic and changeable, but at least you\'ll have a basis for assigning priorities and creating selections.
And keep in mind several couples end up on the brink of divorce when they take on household projects due to either the mess, the anxiety, the duration, conflicting suggestions, inequitable division of duties, or the financial burden. So be prepared for this prior to you get your self knee-deep in it. It could possibly be much better to start modest and take on every project piecemeal.
Be smart but not cheap. Seek value in your option of projects, materials, and contractors. Ideally, all of your expenditures will increase the value of your house by at least the identical amount -- but of course, there is no telling for sure when it comes to the future marketplace cost of the property.
Finally, allow me to leave you with my personal design credo:
Seek simplicity, comfort and value!
Simplicity means muted neutral colors, bright, open, airy, spacious, and uncluttered. Comfort means designing for function, usability, and durability rather than purely for style. And Value means price-helpful top quality, i.e., continually seeking good excellent for a reasonable price.
If you maintain this easy phrase in mind, it will go a long techniques in helping you to dramatically and affordably
Copyright © 2008 by Laura Martindale
