LendingTree.com Examines Reasons for a Home Renovation
Whether it's a living room addition to make your home feel more spacious or replacing an outdated kitchen, a renovation may be a good way to improve the value of your home. But before you move forward, make sure you understand there are different motivations for renovating a home. One is your pocketbook and the other might be for your lifestyle. Consider which camp you are in and let LendingTree.com walk you through some facts.
By choosing the right remodeling project, you can boost your chances of recouping what you put into it. This means being knowledgeable about what home renovation projects are most likely to pay off in the area where you live. You can find this out by researching your local real estate market and talking to local agents.
If your home improvement is strictly for resale value, national trends indicate in recent years the three renovation projects that tended to pay off the most:
1. Remodeling the kitchen or bathroom
2. Adding a family room or bathroom
3. Renovating the master bedroom
But, if you are interested in renovating your kitchen for example, because this is main location where you family gathers at the end of each day to share stories, an upgrade may be just what your family needs, regardless of what the payout will be to your pocketbook.
If you decide against making an investment in major renovations but would like to at least do some freshening up, what about replacing soiled or outdated flooring, adding fresh paint or even swapping out hardware on your kitchen cabinets? These simple repairs make a home look brighter and cleaner and can improve your home's marketability.
Whether you move forward with a renovation or not, consider where your motivation is coming from. If you're thinking about a home renovation because it will improve your lifestyle and make it a better place for you and your family to dwell, terrific. If you're pouring money into projects simply to increase your home's asking price, you may need to do some home work and see what your neighbors are doing and what your market can bear.
For more information about a home renovation project, visit the LendingTree Smart Borrower Center.