The changes that you make to your home will have an effect on its value. If the project was well-executed and things went your way, you will see your home’s value soar. However, you also need to keep in mind that renovation projects tend to be expensive and the amount that you spend for the task does not necessarily mean that your home will have a higher value. Before starting a remodel job, you need to think things through. Find out if the renovation is something that you will enjoy as you live in your apartment in the coming years or if you think it will benefit you once you decide to sell the property.
The 5-year Rule
Experts said that you should consider the five-year rule. If you plan to live in your apartment unit for the next five years, you should worry whether the renovations would be attractive to would-be buyers. You can choose the design that would show your personality and preferences. On the other hand, you need to treat things as if you are flipping a home if you have plans of leaving sooner. This means that you should spend as little as you can to improve the curb appeal of your apartment.
You need to make changes that would improve the visual appeal of your property. You can start small like repainting your walls or washing the windows. Other great examples include replacing the knobs and repainting the kitchen cabinets. Furthermore, experts would not want you to remodel your home unless the area involved is really broken.
Buy Things That Potential Buyers Love
If you are remodeling for selling purposes, you should consider getting things that your potential buyers would love. For instance, getting a washer and dryer will attract probable clients because they love to have one within their unit even if the apartment building has a laundry room. This alone could increase the value of your unit by 5%. Meanwhile, a central air system and an energy efficient split air system could also add significant value to your apartment unit. The other feature that you should consider having is radiant heated bathroom floors.
The bathroom is one of the spots in your apartment that gets used the most and that is why renovating it is extremely common due to wear and tear. A mid-range bathroom renovation project can boost the value of your property by 2%. Meanwhile, a higher-end project like the ones that include the addition of a customized tub, fixture replacement, and a ceramic tile shower with glass enclosure, would give you a return of 85% of the cost. It means that you will have less of profit with this kind of remodel.
Kitchen renovations can cost as low as $10,000 and as high as $80,000 or even more. A minor kitchen renovation project that involves replacing the cabinet’s fronts and getting a new kitchen counter could yield a 6.5% return on your investment. Meanwhile, just like in a bathroom remodel, a major upscale project would most likely give you a smaller return. Because of these, professionals suggest to try out small-scale changes first because they are usually a smart investment.
If you are looking for an inspiration for your upcoming remodeling project, be sure to check out one of the most iconic developments these days. The Paper Mill transformed thanks to Joe Nahas will surely give you great ideas.