Have you been looking at custom homes for sale? Whether you’re looking at custom homes that are part of a new construction project or have been extensively remodeled, you may be thinking about renting out or selling your existing home.
Depending on how long you’ve lived in your current house, and how many home improvements you’ve made over the years, you probably want to have a remodeling contractor make additional tenant improvements. Not only will you be able to charge a higher rent if you choose, you will also be increasing your property’s value when you decide to sell.
To give you an idea of the average return on investment (ROI) for making home improvements, here are just a few examples:
- Basement remodeling: 69% ROI
- Bathroom additions: 86.4% ROI
- Minor kitchen remodels: 82.7% ROI
You may also be interested to know that hardwood floors are popular with prospective buyers. Over half of these individuals are actually willing to pay more for a house that has hardwood floors. If your existing home has extensive carpeting, you may want to have some or all of it removed to have wood flooring installed. It’s also possible that prospective tenants prefer hardwood floors as well.
Houzz conducted a recent survey with homeowners planning to remodel one or more rooms in their house. It is interesting to note that 35% of the remodeling jobs being requested are for entire home renovations. The survey showed that 60% of the participants were planning to have their master bathroom remodeled, and 91% were planning to have energy-efficient toilets installed during this process.
If you’re planning to have your kitchen remodeled, on average, kitchens are 300 square feet or approximately 15% of a house’s square footage. Remodeling contractors and home improvement specialists will likely tell you that an ideal kitchen usually consists of a triangle between the stove, refrigerator, and sink. This configuration makes it much easier to work in, particularly when the sum of the sides is between nine and 21 feet.
Once you begin working with a team of reliable home remodelers, they will also be able to anticipate and provide additional tenant finishes. Then all you need to do is hire a property manager to find you the best possible tenant while you enjoy living in your new custom home.
