RENO ROUND-UP: RENOVATIONS & PROPERTY VALUE
Posted on: 2014-12-17
Planning a big reno project? There’s a lot to manage and account for, but at least you are always adding value to your property… Right? Unfortunately, that’s not always the case! Some renovations and additions can actually damage a property’s value when it comes time to put it on the market. Consider some of the following factors before you make any major changes to your property:
Maybe you are a born swimmer, or maybe you just think everyone loves a refreshing dip. Regardless, having a pool added to your property might not be the safest investment. High maintenance costs and safety issues are just some of the reasons many homebuyers might avoid a property with a pool. Both above- and below-ground pools are expensive to dismantle or fill in, and even a cold-weather hot tub could deter a potential buyer.
Kitchens & Bathrooms:
The kitchen is where every party ends up. And, like it or not, the bathroom might be one of the most visited rooms in a house. These are just two of many reasons why potential homebuyers often jump at beautifully renovated kitchens and bathrooms. From the simple– new fixtures or countertops– to the ambitious– knocking down a wall or adding a window– almost any upgrade to these rooms can add a great deal of value to a property.
Doors & Windows:
Renovating the entrances of a property is one of the better ways to boost the curb appeal and energy efficiency. Not only do new windows and doors update the appearance of the property, but also most new models offer a significant reduction in energy costs after installation. Storm doors and multiple-paned windows are just two examples of upgrades that offer a significant return on investment.
Of course, the only limit to renovations is your imagination and your budget, but you must plan carefully if you want your property to hold its value. A second story may suit your lifestyle, but does it fit your neighborhood? Painting and staging a property isn’t as glamorous as adding a fine chandelier or a steam shower, but which is more cost-effective? An intricately landscaped yard looks good from the street, but will the next owner want to maintain it? Does your reno project have a good recovery rate (costs recovered when sold) in the market that it might sell in?
Parabola Developments can answer and explain those questions… And any others you might have! Our years of service and expertise make us leaders in the contracting field. Parabola takes pride in ensuring that all of our projects add value to our customers’ properties. Call us today!