A good way to build up collateral in your home and add to the enjoyment of living there is to undertake home improvements and remodeling projects. But before you get started it’s smart to sit down and think about your long-term goals.
Is this is a home where you plan to spend the rest of your days, or are you trying to add value for a future sale? Quite often the two don’t fit hand in glove when it comes to remodeling.
For example, if the kids have left home and you’re thinking about extending into one of the small unused bedrooms to add a master-suite or walk-in closet space, then it’s unlikely that that is going to add value to the house, since you’ll have reduced the bedroom count by one.
There are some sure-fire ways to add value and improve your living space, the most common and obvious being a kitchen remodel. But if you’re planning to add a new kitchen, keep the future home value rules in mind.
There are things you can do, even with a kitchen remodel, which might negatively impact your home value down the line. The obvious items here are using a contractor who doesn’t provide you with quality workmanship. Poor fitting of counter tops and kitchen cabinets can catch the eye of a prospective home buyer, so it’s important to consider quality when planning your new kitchen and when you’re shopping for new cabinets and installation options [learn more about shopping for kitchen cabinets here]
Likewise, you may have some particular emphasis which you’d like to build into your kitchen. Around the San Francisco CA area I’ve seen kitchen projects where people have relinquished valuable workspace and/or cabinet space to install a small wine rack storage area, which is fine if you don’t do much food prep, but what if the future prospective owner does?
So it’s important when you sit down and plan the remodel that you set out your objectives clearly. A good designer will help you understand what aspects of the remodel will add value and should quickly point out anything on your wish-list that may detract from the future value of your home.