Remodel Your Johnson County Home for Resale Value Only? Not exactly.
It happens with every home. After a few years, the new becomes old. Broken in turns into broken down. And certain things that you really didn’t mind about your house now drive you a little crazy. Face it. It’s time to remodel.
Very few regret spending their money on remodeling a home or building a new room versus packing up and buying new. It’s almost always more economical. It’s when you start looking at the remodeling your Johnson County, Kansas home as purely an economic investment is when you can run into some trouble.
You need to get back something other than resale value. You need to get a return in your use of space. You need to return to loving your home. That’s when a good remodel becomes a great investment.
What it’s worth vs. what it’s worth to you.
If you spend $50,000 on a remodel, don’t expect to get $50,000 more for your home in five years. Those ROI expectations will lead to some real disappointment when you begin to get offers on your house.
It’s also not a good idea to remodel when budgets are tight. You may end up selling when the market is slow and not get back the money you’d expect from your house or your remodel. Make sure you can wait the market out and sell when the value of your home is on the rise. The value of your remodel will follow.
Don’t think about the next buyer. Think about the current owner. You.
The main point of a remodel is to improve how you see your home, on what makes you happy. If you don’t like beige and you’re only picking it for the new open house your real estate agent will hold someday, don’t go with beige. This is still your home and it should reflect your tastes.
That being said, don’t go too crazy. Putting in a water slide into your six person hot tub in your newly remodeled 500 square foot bathroom may not get the broad appeal ROI you’d hope for. Instead, infuse your personality with a few accents. Prospective buyers can overlook paint and easily replace drawer pulls, but the 30-foot bamboo wet bar may be a deal breaker.
So have fun while keeping a level head and your ROI will come in the form of a home you can love again as well as a much higher value when it lands on the market.