Many people buy an existing home and then choose to remodel it to customize it to their personal tastes and needs. However, before you start remodeling, there are some things that you need to know about the process. Here are some things to consider before you change too much about your home.
1. Will The Improvements Increase The Resale Value?
When remodeling, it is very important that you consider the resale value of the home. Although you might be planning on living in this house for a long time, there will still be some point in time when you might need to sell it. If money isn't an issue, then you can pour money into it without worrying about the resale value. However, most homeowners want to know that whatever money they put into the house they will be able to get out of it when they sell it.
For example, suppose you live in a neighborhood that is full of starter homes. In this neighborhood, there is a very common theme of prices between the houses. If you go through your house and put in expensive flooring, crown molding, fancy shutters, and much more, you could increase the value of the home, but you will not be increasing the resale value. The people who will be potentially buying your house will be people within a set budget. If they have the budget for fancy upgrades, they will probably look in a different neighborhood because they won't be buying a simple starter home. You need to realistically consider the market of your buyers and if your upgrades will actually improve the resale value.
2. Are The Improvements Too Specific To You?
Second, it is important to consider if your improvements are something too specific to you. For instance, if you love racket ball you might consider putting a racket ball court in the basement. This is great investment for you, but for many potential buyers, this won't be a selling point. In fact, they will probably have to spend money to change the court to fit their needs. This shouldn't stop you from making the house fit your needs, but it is important that you recognize that if you make the house too specific, you probably won't get back the money that you spend in the remodeling when you sell.
By considering these questions, you can know how to remodel your home.