On the whole, property values tend to increase over time rather than decrease, which is why real estate is always such an attractive investment. Whether you are planning on selling your home any time in the future or living in it indefinitely, homes still need to be regularly upgraded and remodeled. Sometimes, these remodels happen whether you like it or not when there is some kind of structural damage to your home. Other time, it’s a planned remodel. Regardless of whether your remodel is planned or forced, here are three upgrades you should seriously consider.
1. New roof and/ or siding
While many people think that interior remodels will provide the best ROI in a resale, it’s actually not true. While a kitchen or bathroom remodel might bring you the most satisfaction if you are planning on staying in your house, upgrades to the exterior will actually bring you the most value in a resale. The reason is that when people buy a new home, they want to put money into redesigning the interior not the exterior. Any home improvements you do to the exterior will therefore bring in more value on a resale.
When you think of remodeling, you most likely think mostly about the aesthetic aspect of remodeling – making changes to things you can see. But the structural elements of your home can also use an upgrade at the same time. Electrical upgrades and upgrades to heating and cooling are always best done during a remodel, but you won’t always necessarily need them. With the high costs of energy, however, insulation technology has come a long way in the last decade or so. You may save a significant amount of money by hiring the pros at Dimensional Contracting to upgrade your insulation during your next remodel.
3. Basement remodel
While things like siding and insulation may provide a good ROI in terms of lowering energy bills and boosting your resale value, they don’t do a lot to help you actually enjoy your home more. A basement remodel, however, is something everyone can enjoy. If you currently have an unfinished basement, you can add additional usable square footage and therefore additional value to your home. If you currently have a finished basement, you can turn it into a movie room, a basement apartment or a game room. Something you can enjoy while you live here and that will still add additional value to your home in a resale.
When you think about remodeling your home, the things you most likely think about most are aesthetic changes or upgrades to existing rooms. Keep in mind, however, that you will most likely have to take out a loan on these home improvements, which means you will most likely want to recoup some of the cost of them at some point. If you only do upgrades for your own enjoyment, you will most likely not see much of a monetary return on them. On the other hand, if you do cosmetic remodeling to improve your own enjoyment and structural or exterior upgrades to increase the value of your home, then you can come out ahead all around.