Home Remodeling for Resale? Plan Budget Carefully
The purpose or goal of your home remodeling project can help determine how much you spend, and where you spend it. If you intend to stay in your home, at least for the foreseeable future—you will probably want to splurge on some features that are important to you and your family and will allow you to live comfortably in the home and enjoy the space.
However, if you are planning to sell the home soon and are remodeling as an investment to boost resale value or help the home sell more quickly, you will want to be careful and strategic about your budget and how you divide it up.
As this CNN story notes, you should start by figuring out what portion of your home’s value is comprised of the space you plan to fix up—and then keep your investment in proportion. The story offers some rough guidelines: for example, a kitchen represents about 10% to 15% of a home’s value.
Following basic rules and constraints, such as maintaining the existing footprint and avoiding major construction and demolition unless necessary, will help you keep your expenses under control.
Your contractor can also provide some insight as to how to best invest your money for maximum resale benefit. At RW Remodeling, we have lots of expertise in this area. Contact us to discuss your next project.