Is Home Remodeling Worth It?


How does home remodeling increase the value of a home?

Many people find themselves considering making changes to the home they live in. Maybe you need a new kitchen or how about changing up your living room? All of these things sound expensive and time-consuming, right?! Perhaps, but as the saying goes: “Necessity is the mother of invention”. The good news for those looking into renovating their homes is that sometimes renovations can actually turn out pretty profitable, too! You will want to consider the value of your home when deciding whether or not any type of remodeling is worthwhile. If property values are going up in an area, then you might be able to save some money by doing without new fixtures such as vanity cabinets and faucets or other cosmetic updates. Property owners who are renting will know what is worth spending money on aesthetically so that people will want to buy or rent from owners who take pride in their properties. When you’re looking for ways to spruce up your home, it is important to consider the value of what you are renovating and how much room there is in regards to remodeling. 

Use a realtor’s home value estimator to estimate the value your home

The best way to figure out whether your home remodeling is worth it is to figure out what percentage of the value of an average new house you will get back if you sell yours now. To do this, simply divide the market value of a new house by the total cost of all renovations. This will give you your percentage return. If your total renovation budget is bigger than it would cost to build a new house complete with appliances and flooring then it might be better for you to just build a new home. However, if the difference in cost is not that much then it might be worth doing some remodeling. Keep in mind that just because you have spent a total of $200,000 on your home doesn’t mean that it will earn you this amount when selling. Likely, you will earn much more.

Keep in mind that the final price tag of your home might be different from this number depending on how you go about doing it. For instance, complete remodeling will cost a lot more than if you only do a few things to make it look better. Those who choose to build a new house or make complete changes will have spent up to $80,000 on labor and materials, whereas those who opt for cosmetic changes (like new paint) will spend far less. Of course, it also depends on your location. If your home is in a place with a lot of new housing or where property values are going up then it might be worth doing some remodeling, but if your home is not being rented out to tenants, or if you do not plan to resell, then it may not be worth it to you to remodel.

Kansas City Elite Basement Finishing home remodeling and increasing property value

Consider the age and size of your home

It’s important to consider the age and size of your home. If it needs updating, then you need a budget in mind for those updates as well. Consider how old this building is? Is there anything about its design or layout that won’t allow any significant changes without completely gutting the house from top to bottom (and costing far more than what’s worth)? You don’t want to remodel one area of the home just to run into another problem in another area of the home when all is said and done.

Of course, the reason so many people decide to remodel in the first place is that something is wrong with their current living situation. If you have an older home with outdated appliances or if your kitchen cabinets are falling apart it might be worth spending some money on updating them. Although you will eventually have to pay for labor costs or buy new parts, you can expect to see a significant increase in the value of your home after doing so.

Kansas City Elite Basement Finishing general contractor measuring framing for basement remodeling

Consider what type of person will be buying or renting your house 

Kansas City Elite Basement Finishing handing keys for home remodeling project

When remodeling your home, it is important to factor in what type of person will be living there. Someone renting the property out may have very different needs from a person who is looking to buy. Is this going towards an active family or someone who enjoys hosting guests at their place? A house isn’t just a building with four walls. Instead, there are many different aspects that make up its essence, such as the layout and design that dictate how you live day-to-day life inside or deciding between more formal spaces for guest visitors versus letting loose on weekends afternoons (or evenings). It also comes down to whether people will have children running around so they need something kid-friendly as opposed to those looking into luxury lifestyles without kids present all time. All of these factors are some very important details to consider when one is considering remodeling their property.

Figure out if there are any major repairs that need to be done first

It is important to check the condition of your home before selling it. You can do this by conducting an inspection and determining if there are any major repairs needed, such as plumbing or electrical problems. People will not want to buy or rent a house where there are fundamental issues with the property. It is important to make sure the property has no major repairs before remodeling. A lot of times people will do a quick fix like patching up drywall or putting nails into loose boards, but if there’s damage deeper than that, it would be best for them to not just leave those things unaddressed because this can lead to more expensive problems in the future, and end up costing way more money than what would have been spent fixing everything at once instead. You also need to consider whether your neighborhood is a buyer’s or renter’s market before remodeling (or selling). If there are tons of homes on the market and it’s an affordable area, you might find yourself in trouble if you spend $50,000 remodeling only to have nobody move in. On the other hand, if your neighborhood is upscale with plenty of interest, then your home could increase in value exponentially.

Determine if you will stay long enough to recoup the cost of remodeling

When you’re ready to make a move, it’s important not just that the home is beautiful but also well-maintained and in good shape. Make sure all aspects of your property are up to code before remodeling so you can feel comfortable about the investment and everything is as it should be. If you’re going to be in the area for more than just a couple of months, then it might make sense to invest some time and money into improving your home. The best thing about remodeling is that, if the time to resell ever comes, the renovations are able to return most, if not all, of what was spent on construction expenses, so there really isn’t anything stopping people from doing this as long-term investments. You’ll want to think long and hard before committing yourself financially. Make an assessment of what your needs in terms of both conveniences as well as overall value will be, so that when renovation does occur, not only can all expectations be met, but exceeded by far.

Kansas City Elite Basement Finishing property value increases from basement remodeling

Figure out which rooms would benefit most from remodeling and prioritize

Now, one of the most important steps in renovating a home is figuring out which rooms would benefit from updates the most and prioritizing them accordingly. The rooms in your home can be updated to better serve the needs of you and those who visit. Do some research on which updates will make a difference for each room, then prioritize them according to how much they would benefit from such changes, instead of doing everything at once without considering what would work best with other areas that are already renovated. You’ll want to invest in a room transformation when you can benefit from having larger or updated spaces. Spend time prioritizing which areas need the most help and go with that. It’s important to figure out what updates would make each area feel more modern and functional because these areas are the spaces that you spend much of your life in. We all want our homes to be comfortable for us, but sometimes they can feel outdated or too small – especially if we have kids! Maybe it’s time for some updates that will make everything better from the top down. 

Best home improvements for resale

There are many things that can boost the value of your home, including changing up the flooring or doing a complete kitchen renovation. However, if you’re looking for something that will give you a higher percentage return on investment then consider these options:

  • Putting in a new shower or bathtub
  • Replacing windows and doors
  • Building a deck
  • Installing new siding or roofing
  • Updating the kitchen with granite counters and new appliances

If you are looking to increase the value of your home, but you don’t want to spend all of that money, then there are alternatives. For instance, you can always improve the quality of your landscaping. If your lawn is a little bit more overgrown, or if your flowerbed needs a little tending to, then you can give your home that extra edge of beauty it needs without having to completely change anything.

As with any renovation project, the final decision on whether to go ahead with it is up to you. If you like what’s done and you get someone to agree to buy or rent your house then it’s worth it, but if the renovation costs you more than $10,000 and no one wants to buy your home then it might not be such a good idea. Just be sure to do your research before choosing: look at homes in the area and figure out what works for buyers before remodeling.

Let the pros do the heavy lifting