Home Improvement Project or Valuable Investment

Considering a home improvement project this year? Wondering where to invest that money and what will be the best value for your investment? While no two remodeling projects are exactly the same. The number one question before you begin that remodeling task should be what kind of return on this investment I can expect to gain!

Start by doing some research of your own before investing in any home improvement project. If you have recently purchased your home you had to pay for an appraisal right. An appraisal lists homes in your area that have comparable values to the one you purchased along with photos and property descriptions. You will find these with the rest of the documents you signed when you closed on your new home. Listed are the number ofbedrooms and bathrooms, how many living spaces, fireplaces, kitchen, dining rooms, one or two car garage, and type of foundation ….etc. Although an appraisal offers a lot of information about property in your area it can’t tell you what’s inside!

Here is where you can get a peak at the inside of the homes in your area without going door to door. Contact your real estate agent. Who knows more about what’s hot and what’s not in your area? Ask them what type of remodeling projects they are seeing in the neighborhood and what gets the most attention from prospective buyers. That realtor will be wise to provide you with all the information you require. After all you just became a future client! Remember it’s not just a home improvement project you are considering it’s an investment and some day you will be looking for a return on that investment. Your realtor can provide a wealth of useful information about your neighborhood that you can use to your advantage.

Another free source of public information about property in your area is your Central Appraisal District. You can access these records on your computer and pull up the same information that you paid an appraiser for when you bought your house. Simply follow the instructions on the screen. Sorry you’ll still need to pay an appraiser when you buy again! Before you consider that bathroom remodel or new addition to your house do check this out. Not only will you be able to compare properties of equal size and value but have access to larger properties with more value as well as smaller properties with lesser value. What better way to do research than from the comfort and privacy of your own home.

These simple tips can help you make that final determination. If the surrounding homes are all larger and more valuable a new addition not only makes sense but increases valuable square footage. On the other hand if your house is already the largest it would not be advantages to increase the square footage. Maybe you will have to look to the interior for some value added options. Rethink the space within the space and remodel from within.

Let’s say the area is predominantly made up of single family homes with three bedrooms and two bathrooms. The one you purchased has three bedrooms but, only one bathroom. Your new home also has an extra living space that the other homes don’t. You have space within that space. That is to say your homes square footage is comparable to those with twobathrooms. Maybe all you need to do is capture some unused closet space and reposition a few walls. That additional value added investment that you were looking for. Look no further! Now build that second bathroom and while you’re at it make it stand out! Creating that second bathroom without the additional expense of adding on to your house was a wise investment decision for sure. It also may have left enough room in your budget for additional home improvements you might otherwise have put on hold.

Home Improvement projects like a bathroom remodel and minor kitchen remodel will win you a greater return on investment while improving the overall comfort and functionality of your homes interior space. Although regional and national average returns may very bathroom remodel and minor kitchen remodel projects are still your best value. Don’t forget about that attic bedroom remodel if you are looking to increase value and square footage from within. Include an additional bathroom to that attic remodel and the value just increased!

Winning at the home improvement game and Investing in your future go hand in hand. Do your homework! Research and gather all the information available from the resources we just talked about. One of the best sources for researching any home improvement project is from the comfort of your own home office computer. I hope these few simple tips have helped and encouraged you. Remember it’s not just a home improvement project it’s an investment in your future!