With the volatility of today's real estate market, it isn't as easy as it once was to sell a home once it's outgrown or to relocate to another area. With real estate values diminished, it's often wiser to remodel or add on to the home rather than try to sell in a soft market. In the current buyer's market with so many homes available, there are increased demands for updated, remodeled homes, making those homes that do not have these modern features less likely to compete. Remodeling can make a home function better and more beautifully, as well as increase its value.
One areas of the home where remodeling offers the greatest return on investment is the kitchen. Open concept living has become the most popular style of floor plan with the kitchen open to the family living and entertainment space. By removing a separating wall and replacing it with a breakfast bar or island, it increases the living space, allowing the cook to entertain without being separated from the activities. Granite countertops and stainless steel appliances are the modern fashion, increasing the value of the home further and making it much more appealing to buyers. Updated cabinets offer a new, fresh look to older kitchens.
Another are of the home that many choose to remodel is the master bath. Today's master baths offer space and convenience to busy couples with double sinks and separate shower and garden tub. Updating countertops with granite and choosing contemporary cabinetry and tiling options in showers give an old space the new, modern look that is in demand.
Many homeowners are making the best use of the space available by finishing basements to add a media room. Media rooms are increasingly popular with no signs of diminishing interest. Basements are the ideal location since minimal natural light is desirable. During the remodeling and/or finishing, necessary wiring can be easily added and hidden in the walls to allow for all of the media components to be installed and upgraded as desired without the need for additional wiring. Adding a wet bar and half or full bath also adds to the appeal and value of the home with a great investment return.
For growing families, many opt to add another room at ground level or finish out attic space to serve as an additional bedroom or needed office or living space. Enclosing a porch or patio area can also provide valuable additional living space. Before you sell, consider remodeling as a viable alternative.
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