To Renovate or Not Renovate

If you renovate, “you have to understand that it may not add the value to your home that it cost you,” says Mark Ramsey, broker with The Ramsey Group at Keller Williams Realty in Charlotte, North Carolina. So “be happy you did it and got to enjoy it,” he says.

Here is our list of ideal space renovations:

  1. The home office is not the most exciting space to remodel. However, if you have an unused guest room or your kids have moved out, a home office can be your retreat from the work environment. Instead of stuffing an Ikea desk in a room, consider durable commercial grade furniture, carpet, or hardwood built-ins to do the heavy lifting in your home office.
  2. If you are considering an addition, a great option is a sun room. With a 200-square-foot room with skylights, low-E windows, automatic shades and a tile floor, it’s a major project but can add value to your home. As always, research your market and neighborhood if significant cost is a concern. Anytime you add to the foundation of your home the cost increases. The sun room space can be creatively designed to bring a happy, light-filled space you will use daily.
  3. An upscale master bedroom can become a picturesque suite complete with soaking tub, shower jets, coffee bar, and sitting room. If you are considering an addition as opposed to fixture and appliance upgrades, you should seek a professional contractor and/or your local design-build firm (shameless self-promotion). Upon reselling your home, potential buyers are highly influenced by a master bedroom or suite space.

As a cautionary note, beware of over the top renovations and so called upgrades. While bringing your 80s style bathroom to current style trends is a worthwhile investment (brass finishes are making a comeback…), carefully research your neighborhood to see what potential home buyers are looking and paying for in a home. New appliances, counter tops, or finish hardware instantly updates your room, but keep in mind you may only recover about 50% of your costs for larger additions and renovations.

An elegant and oversized vanity and color palette updated a drab master bathroom.

An elegant and over-sized vanity and color palette updated a drab master bathroom.

A new fireplace surround and mantel instantly added a timeless elegance to this living space.

A new fireplace surround and mantel instantly added a timeless elegance to this living space.

 

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