DEAL OR NO DEAL? WHEN IS YOUR HOME IMPROVEMENT A GOOD ONE? Part 2
by Keith Dmytryck
HOME OFFICE REMODEL
The sleek, efficient custom home office loaded with cozy built-ins and high-tech wiring is a big resale loser, coming in at $28,000. No deal? Remember it’s you, not them, planning this thing. Have your great office at maybe half the price by toning down the wiring and avoiding built-in work space and storage. A qualified contractor can help you design a desirable home office that can be easily converted into a multi-purpose room, den or bedroom. When you’re selling, name it from the buyer’s viewpoint: the hobby room or guest room, not “home office,” unless that’s what they wanted too!
MASTER SUITE ADDITION
The same cool head can prevail in planning a master suite: do you really need one-to-two- hundred-thousand dollars worth of hotel luxury that recoups only half at resale? If your happiness does require a livingroom-size sleeping area with attached spa bathroom and mini bar, of only the finest materials, you should go for it. Just know that, while future buyers will be attracted to your suite, they’ll see similar features incorporated into newer homes at a less imbalanced price tag. Unless you’re wealthy (in which case, you’re moving to a better neighborhood), this might be a no deal.
However, if you have leeway in your floor plan to bump out a suite from an extra room, you can get pretty luxurious for a much more reasonable cost. Find a creative contractor, and you could have yourself a “suite deal” (someone had to say it).
GARAGE ADDITIONA dream garage would house two cars and be fitted with neat built-ins, mess-proof floors, heating, natural light, and room for bikes and a work bench. Cool. And, even if you only recoup half of the fifty-to-ninety-thousand dollars a roomy, upscale garage will cost, it’s still a deal if it’s worth it to you to have a toasty, ice-free car to hop into, or a dry, comfortable place to do small projects and work on your vehicle. And people love garages! Realtor.org shows that, of buyers who purchased a home between 2010 and 2012, more than 78 percent purchased a home with a garage. That’s a nice, regular garage.
However, the cold cash reality is that there is just a tiny niche market for a high-end garage. So it’s back to you and your priorities: upscale and loving it despite a dent in the resale, or all the pleasures of a midrange garage project with an added bonus of curb appeal.
So, on any home improvement project, your personality factors into the deal as well as the charts and statistics. How much will you enjoy the improvement (personal cost/benefit)? Can you achieve similar results for less with some creative design work? And, obviously, if you know without one iota of a doubt that you will pay off the mortgage before you ever sell, then recouping costs is less important than the enjoyment and use you and your family will experience by enhancing your living space.
Of course picking the right home improvement contractor will lower your expenses and up your benefit, so contact us, Innovation Construction Co., for a free consultation and estimate.