Happy Friday to all our readers. Since our last blog, these events have occurred
- Chiefs won the Super Bowl (congratulations by the way)
- One share of Tesla reached a peak of $ 963.86 (Feb. 4th, 2020)
- If you would’ve purchased that stock just four months ago on Oct. 11th, 2019 ($ 247.89), your investment would’ve almost quadrupled.
We bet both Tesla and the NFL got a tremendous return on their investment. If you play your cards correctly, you will also get a good return on investments such as stocks, bonds, investment property, art, and of course, homes. Since land is limited, house value typically appreciates; certain locations give you a boost. Not only does remodeling add enjoyment to your home, but it also adds value!
First up to bat
While waterproofing might not inspire instant enjoyment, it certainly gives you peace of mind during times of severe weather. Assuring neither water nor moisture enters your basement, an investment in waterproofing will range from $2,000 – $6,000. Remember, a home buyer won’t care so much about the beautiful master bathroom if the basement floods.
Soaking up the rays
The worn-out siding on a great home is like a beautiful car with a bad paint job, it doesn’t go well. Alluring siding increases your homes’ curb appeal, thus increasing the value. Styles range from anywhere as cost-effective as fiber cement or brick, to more luxurious options like natural stone.
If you happen to have some extra space in your home, consider adding an office. Transforming a room into an office requires adding multiple grounded outlets, a relatively cheap remodel with a high return on investment. With more and more jobs allowing people to work from home, it’s increasingly becoming an attractive feature.
Steve Straughan, a partner in KAA Design Group, said “kitchens and baths are the areas in a home where you can tell if money has been well spent or not… they’re the most expensive areas of the home in terms of construction…they’re where people spend most of their time”. Considering how frequently a bathroom is used, its vital to have an attractive, modern bathroom. Living busy lifestyles, most people simply do not have time to take a bath. When having to choose between a tub or walk-in shower, people prefer to install a large walk-in shower.
Financial mogul Warren Buffet is famous for preaching “don’t put all your eggs in one basket”. The same applies to remodeling; if you only have one bathroom, do not pour all your money into remodeling that one bath, studies say people prefer a home with multiple bathrooms over one large bathroom.
As you learned in the previous paragraph, you spend a lot of time in your kitchen. Originally kitchens followed a closed concept and were used solely for cooking. Recent trends have led homeowners opting for an open concept, transforming the kitchen into a place where you can interact with family members or guests.
The remodel must make sense; similar to your bathroom, you must understand the needs of your buyers. Your remodel should reflect the price point of your home. A luxury kitchen or bath remodel in an average home might not be the best idea.
If you want to remodel your kitchen without breaking the bank, you certainly can do so! Remodeling the cabinet fronts (NOT the whole cabinet), upgrading appliances and adding new countertops will certainly spice up your kitchen while adding value to your home.
Good investments can be found everywhere. The right remodels for your neighbor’s home might not be the proper remodels for your home.
Prioritize your remodeling. Fixing a leaky roof or waterproofing your basement is more important than adding bells and whistles to your home. Take care of what is necessary first.
Knowledge is power. Understand your local housing market and the needs/wants of buyers in your market. This information will allow you to make precise, lucrative decisions when investing in your home.
Call the professionals at Total Restore if you can’t decide what part of your home needs immediate attention! We will help you through the remodeling process, making it seamless!
Thank you for reading our weekly blogs. Please reach out with topics you would like us to tackle in our future blogs!