Your home is your biggest investment and your biggest asset. So while you want your renovation to result in a space you'll love living in, you want to make sure that you can recoup your money when you sell, or at least know that you are spending money that enhances your day-to-day living but not the market value of your home. Here are some things to consider when remodeling with an eye on resale value.
Think about the likely buyers of your home. You may be 60 years old and childless by choice, but if your house is in a great school district, your likeliest buyers will be young families with kids. So make sure your renovation is child-friendly: no open balconies, and plenty of room for toy storage containers.
If you live in a retirement community, make sure — even if you, yourself, are in perfect health — that your renovated space won't be difficult for other seniors with health issues to navigate. Avoid slippery floor surfaces, and make sure window and door latches are easy to grab and handle.
No one wants to buy a million-dollar house in a half-million-dollar-house neighborhood, so be aware that if you make your house worth more than those surrounding it, you are unlikely to recoup your money when you go to sell. To avoid that trap, do some research on how much houses in your neighborhood are selling for. Then ask a few reputable brokers how much your house will be worth post-renovation and see how those numbers compare.
"Crown molding is something to include," says interior designer Lucie Ayres of 22 Interiors. "Floors that are updated are worth the investment, as are new windows. But built-in cabinets should be avoided and done only in TV rooms as people's tastes really vary with the formal living room."
"As for style," says Karen Soojian, ASID, "stay with a classic approach. Remember that when you go to sell your home, you will want it to have broad appeal." But don't feel you have to leave things bland. Unless you're planning to sell right away, go as bold as you wish with your wall colors — you can re-paint in a pale neutral before you go to sell. And feel free to pick whatever furniture you love, too; you can always clear it out before you start showing your house to potential buyers.
"And most important of all," says interior designer Susan Jay, "make sure the space has an abundance of light and looks spacious." That means wiring it for as many light fixtures as one might need to read or socialize, and also possibly enlarging the windows if the current panes are too small to allow for natural sunlight, or even changing windows to French doors.
"Indoor/outdoor relationships between the living room and an outdoor patio will transform the room more than paint or a new couch," says architect Amy Alpert. And as we all become more conscious of the world around us, that openness and flow are sure to become ever more popular.
The right layout makes your long, open or square living room attractive and user-friendly.
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