Home remodeling is a major undertaking. These projects require time, money, and energy. Whether you want to rent it out or flip a property, every decision you make in home remodeling impacts your ROI in the future.
According to a report, homeowners spend nearly $15,000 on home remodeling and renovation projects. Statistics reveal that home improvement spending hit $407 billion in 2019. The number is projected to amount to hit $500 billion by 2024.
Personalization is a Trap
In a home improvement project, personalization isn’t always a good idea. The more you invest in personalizing your home, the lower your chances are for recovering your investment.
You might get lured by the attractive hand-painted tiles, but your customer may not have the same decorating taste as you. Potential buyers tend to have their own choices in home decoration and aesthetics, so if you want to earn a reasonable ROI out of your home improvement project, try to go with the flow and follow the trends.
What’s key to note here, however, is that you may find some hot home remodeling trends while scrolling through Pinterest and Instagram; but these trends don’t last longer than a month or two. So, try following trends that are expected to stay for longer and are not very expensive.
Space Planning
A successful home remodeling project, whether within a pre-defined space or in an additional new space, starts with adequate space planning.
With proper space planning, you can ensure that your home space will support the needs of all the residents and is sufficient to perform all important activities. Before space planning, try evaluating your home’s accessibility to ensure that it works well for everyone who checks in.
Space planning allows homeowners to allocate their daily-use appliances at a central spot to improve convenience and workflow.
A work triangle, for instance, is a kitchen space design concept, according to which the sum of the work triangle sides between the stove, sink, and refrigerator should always be less than or equal to 26 feet, and the work triangle shouldn’t cut through a kitchen arena over 12 inches. This design improves convenience in cooking.
Curb Appeal
According to the 2021 Cost vs. Value report by Zonda Media, the majority of home remodeling projects that offer higher returns involve a significant investment in improving the home’s curb appeal. After the COVID-19 outbreak, people are becoming increasingly concerned about their home’s outdoor spaces, and curb appeal. The same report further suggests a 94% ROI on garage door replacement. Exterior replacements play a key role in making a lasting impression on the visitors and potential customers.
Looking for Reliable Hard Money Lenders in New York?
At Insula Capital Group, we have a team of reliable private mortgage lenders who help homeowners and real estate investors, remodel or renovate their properties by providing them long-term hard money loans. We offer private financing in New York for all types of projects, including but not limited to residential rental projects, fix and flip projects, and new construction projects.
For more information to reach out to us today!