With home prices rising all around the foothills and into the mountains, now is a great time to think about remodeling your home. Prices in Denver have risen by as much as 21.3% in the last twelve months, making it one of seven U.S. cities to record their highest-ever 12-month gains. You may be looking to remodel your home to add value for a future sale or just to update your space. Either way, you’re probably wondering how you can get the best return on your investment, or ROI. Read on for 3 tips to keep in mind to maximize your ROI when remodeling your home!
#1 Remember why you’re remodeling
There are two main reasons why you might want to remodel your home. You’re either interested in improving the livability of your current space, or you’re interested in capitalizing on today’s hot market. Depending on your reasons for renovating, you’ll have different priorities.
If you’re planning to sell as soon as possible, remember that today’s remodel is tomorrow’s project. Your kitchen might look fantastic after a remodel. However, 5 years later, a prospective buyer might think it seems dated. In a hot market like Denver, that timeline could be even shorter than 5 years. It would be beneficial to collaborate with an experienced contractor to help maximize your RIO. Timber Ridge Properties has been building and remodeling custom homes for decades, so we can help your home’s hardscapes stand the test of time. We’ll make sure your design is on-trend, but also future-proofed. We focus on emerging trends, rather than trends that have almost run their course.
However, if you plan to stay in your home for a while, you might have a more flexible schedule. In this instance, consider what changes to your home will make you happiest and find a contractor who is client-centered and willing to work with you, like the talented people here at Timber Ridge Properties.
#2 Keep the budget in mind
Remodeling can be expensive. If you’re investing in an updated living space, you want to be sure your money is adding value to your home. You might see the price tag and wonder if you really need to update your space. In moments like these, it’s best to think long-term. Break down your project costs by the number of months you plan to live in your home, and you can easily see how this is an investment in the value of your home as well as your happiness. The increased functionality and esthetic of a remodeled space might just be worth that monthly cost, especially if you’ll be in the house for 5 or 10 years. In Denver’s flourishing market, it is very likely you will make back the cost of your remodel or more!
On the other hand, if you’re remodeling to sell, there are different ways to approach your remodel. You might focus on surfaces and fixtures with the intent of making your home cosmetically pleasing to potential buyers. Another approach is to focus on certain rooms of your home. A primary bathroom remodels or kitchen remodel can result in a dramatic return on investment.
This is where it’s important to consider project scope. A complete structural remodel, which can involve adding or removing walls, will affect your budget differently than a pull-and-replace approach. When planning your project, consider whether your home has a good structural foundation and would benefit from a pull-and-replace or if it needs more serious structural changes. In fact, with some homes, it may not be worth remodeling. If you’re thinking of tearing everything out and starting fresh, you might consider just building a new home instead of investing in a remodel. Your home should suit your needs. Remodeling is just one of the ways to achieve that.
#3 Pick the right contractor
It’s important to find a contractor who understands the market, offers years of experience, and has a finger on the pulse of design. While this might sound like a lot, thankfully you’re in the right place! Timber Ridge Properties is perfectly positioned to help you get the most out of your remodel. Our full-service team—with their broad-based knowledge of construction, design, architecture, finance, and real estate—is relentless in our pursuit of excellence at every turn. We create an uncompromising reflection of YOUR vision. Our excellent customer service is about more than just answering your questions. We want to understand the end goal for your remodel and find the best possible way to achieve it. Whatever your remodel looks like, we can help you maximize your budget and get the best possible ROI. Family-owned and operated in the Denver area since 1985, we can make your dream a reality!