How To Add Value To Your Peachtree City, GA Home With Custom Bathrooms
There are many remodeling projects that you can do for your home that will add value and function, making your home a place where you have everything you want and need.
Our homes offer us comfort and a way to get away from the world. Of course, they serve to protect us and meet our basic needs as well, but our homes are also spaces that we continually work to customize so that many of our desires and wants are met as well.
When you remodel, it’s important that you are creating value for your home that is above and beyond the cost of adding that value. In this way, when you resell or try to borrow against your equity, you have a profit to work with. When you purchased your home, you paid a certain price.
If you add on or improve, your home is valued for more and you can sell it for more. But, if you spent more on the remodel than the remodeling will bring in value, you’ve overspent your budget and used up any extra value you may have had.
Let’s say you decide to remodel your bathroom. It’s a master bathroom, so it will take a little more money to remodel than a regular bathroom. Let’s say the remodel can cost just under $6,000.
If your home is currently worth $150K and you purchased it for $150K then you have no equity. If you spend $6K on improving it, the value needs to go up 6K as well or you will be losing money when you sell. Hopefully, you’ll add extra value and make a few thousand when you sell.
On the flip side, if your bathroom improvement in Peachtree City, GA costs 6K and the improvement brings 15K in value (you can sell your home for $165K because of the improvements in the bathroom), then you made a 9K return on investment. The 9K is basically part of your equity now.
But how do you figure out what monetary value an improvement will add to your home?
A professional real estate agent can come and do a market value assessment for your home. Many will do this for a reasonable cost or no cost, depending on how bad they want your future business.
They should look at your home personally to see all the features or improvements that will impact the selling price.
Getting a market assessment should not legally obligate you to anything with the real estate professional, so beware of any that try to coerce you into doing anything you aren’t ready to do.
You can tell them you are considering selling and want to know the market value or that you are considering an improvement project and need to know what the top equity value of a bathroom remodel would be so you don’t overspend on the project.
There are also some figures and other various information sources available on the internet for yourcustom bathroom project if you do a little research about the current value of your home and what basiccustom bathroom or renovations would add to a home.
With this information, it should be no problem to determine ball-park figures or ranges of figures that will help you to figure out your budget for the improvement.
Of course, any time you need help with anything at all, you can count on McCullough Brothers Contracting to be there for you. We can help you all the way through your project, from budget planning to getting the final code inspection done. All you need do is call and we’ll be there for you.