Home Improvement That Improves House Value
With the ugly landscape of 2008's bleak real estate debacle disappearing and brighter outlooks burgeoning nearly everywhere in local housing markets, those that work in the home improvement arena have a lot to look forward to in 2014 and beyond but so do home owners and those preparing to sell a home in the near future. Now's a great time to push ahead with home improvement.
What are Your Home Improvement Goals?
Traditionally, I advise clients preparing to sell to not spend a fortune but take care of inexpensive fixes like painting, perhaps new but affordable counter tops, replace some doors, hardware and light fixtures. This "pat advice" though, is really geared more to helping sellers that have some motivation and urgency to their time frame. Some of that advice also depends on the house and location, however, for home owners wanting to create more value over time, or those that are taking their time growing and preparing to sell from an investment point of view the whole strategy changes.
Ready, Set, Remodel!
Remodeling activity continues to show good growth as of late, with highest overall rating on business conditions of the year at 6.51 in the fourth quarter of 2013 according to National Association of The Remodeling Industry (NARI). 2014's first quarter had many in the industry laden with scheduled work, a first for many in recent years. This burgeoning confidence shows both sellers and those in the remodeling industry that 2014 is likely to soar and now's an awesome time to make those home improvements. Consider rising costs of materials and labor grow right along with a healing real estate industry, and while balanced it's quickly becoming a sellers' market. Seller's would be wise to make the improvements as soon as possible.
Kitchen and Bathroom Improvements Popular for Added House Value
While it's impossible to accurately predict exactly what projects and what percentage of projects home owners will choose, bathrooms and kitchens seem to command the most attention because of their potential contributions to resale and house value. CNN Money reports home-improvement and spending on remodeling is expected to enter double digit territory by summer of 2014, with bathroom and kitchen projects leading the charge.
A Cost vs. Value Report for 2014 released by Remodeling Magazine highlighted specific upgrades to significantly increase resale value for home owners that intend to sell this year, underscoring some of the most popular features and trends to focus on. Choosing a general contractor or remodeling company wisely (or doing some of the work yourself if you're qualified) can dramatically increase your profit margin.
Again, if you need to sell in a hurry, or have some sense of urgency, you'll want to go with fast and inexpensive improvements. I suggest reading my colleague Juanita Lime's post about inexpensive fixes vs. remodeling if you have a tighter timeline. http://www.ohiohomesandrealestate.com/blog/selling-my-home.html.