Forward thinking homeowners are always thinking ahead to if / when they sell their home whenever they start a new home improvement project. A good rule of thumb is that if you plan on staying in the home for 5+ years, do whatever makes the home work best for you, you will get your enjoyment and at the very least get part of your money back. But if you plan on selling in the near future, you need to think carefully about each and every home improvement project and how it may or may not pay off when selling your home.
An experienced Denver Realtor can be incredibly valuable during this process. They will know the local market and know what home improvements bring the absolute best return on your investment.
3 Ways To Make Sure Your Denver Remodeling Project Pays Off
The Longer Your Time Frame, The Lower Your Risk
If you plan on selling your home within one year, then you need to be very careful about which home improvements you choose to do. If you plan on living in the home 3-5 years, you have a bit more financial leeway with your improvements, but should still be cautious about what areas of your home you spend on. If you are planning on living in the home for 5+ years your risk is minimal. The longer you live in your home, the lower the risk.
Remodel, Don’t Add On
Add-ons are incredibly expensive and bring a low return on your investment. Often times buyers are looking for more efficient space rather than more space. Having a formal living room with an informal living room around the corner is not a good investment. Take inventory of all your rooms and what improvements in each room will pay off the most. Improve the rooms you have.
Follow The Leader
Don’t be the leader in your neighborhood. While it is nice to stand out from the crowd, these over improved homes do not get a good return on their money spent. If everyone in your neighborhood is doing something, then you should think about doing it as well.