When homeowners look to increase the equity they have in their homes, they often look to two methods to accomplish their goal. Some homeowners choose to shop up, that is, to move into a new home with a higher value than their current home. They are banking on the hope that the more expensive home will appreciate in value faster. However, the average cost of moving is usually around 10% of your current home’s value, according to the American Homeowner Foundation. This cost is what drives the second, better option for building equity, a custom remodeling of your current home.
When it comes to home improvement, some people swear by the do it yourself approach. In the end, however, the best way to increase the value of a home is to make sure any changes done are well suited for the period and scale of the home as well as adding functionality. This is where a design build contractor comes into play. Using years of experience in home improvements for many types of houses, a design build contractor can not only perform a custom remodeling to build equity, but they also keep the house current and consistent in style.
Let’s take a look at a few examples of where custom remodeling can be done in a home to provide the best return on investment.
The Kitchen
The kitchen is the first place that renovations can occur to maximize a home’s value. Kitchens tend to receive the largest share of wear and tear in any home and they also follow current trends in color and style, both of which requires renovation and repair. Modern kitchens are a sound investment and most realtors agree it is the first room that most prospective buyers look at with a critical eye.
A few specific upgrades that your design build contractor will consider are improvements that add functionality to the room. Dual sinks and cooking stations are common renovations. Adding space is always a good choice and can be accomplished with a walk-in pantry or breakfast nook. Some cosmetic changes that are worth the investment include under-cabinet lighting, marble or granite countertops, and ceramic tile backsplashes.
Bathrooms – Upgrades and Additions
After the kitchen, the best way to define a modern home is with multiple baths. A home with more than one bathroom will sell faster and at a better price, so it is a great return on the custom remodeling investment. For homes with more than one bath already, renovations such as skylights, walk-in-showers, glass block windows, and raised ceilings command a great deal of attention.
Added Spaces
In general, you can’t go wrong with adding space to a home. A design build contractor can work with the homeowner to both increase usable space while creating additions that blend into the original home flawlessly. Popular choices here include decks, sunrooms, and finished basements.
When building equity in a home, renovations and upgrades performed by design build contractors provide the most cost effective increase in home value.
