Four Rules to Follow When Remodeling

With signs of life slowly starting to creep into the housing market, more homeowners are turning to remodeling to upgrade their homes.

From granite countertops to hardwood floors, homeowners have lots of options when it comes to remodeling. But whether youre doing upgrades with an eye toward selling your home or just for your own pleasure, the underlying goal should be to get the most value for your dollars.

Location is everything. The location of a home should dictate what materials and appliances should be used during a home renovation, according to real estate experts.

If you live in a pricey neighborhood where granite countertops are the norm, installing laminate counters are not going to enhance the homes value. On the flip side, installing marble counters in a lower-cost neighborhood is a waste of money.

You have to match the investment level with the price level of the home, says Doug Breaker, president and CEO of HomeFinder.com

According to Dean Herriges, president-elect of the National Association of The Remodeling Industry it doesnt make financial sense to invest in upgrades not commanded by the market. To get a sense of what enhancements are expected in your housing market, Herriges suggests reviewing your tax bill, visiting local open houses and talking to real estate agents

Get the most on your return. Kitchen and baths get the most return on investment because they are the most frequented rooms in a house.

The rule of thumb is kitchens and bathrooms are great place to invest because they get dated in about five years, says Breaker. If you are remodeling to sell or plan to sell in a few years, Breaker says to keep any color changes neutral and to stay away from the ultra-trendy designs.

Remember shag carpeting? Sticking with more classic designs will protect you from turning off potential buyers in the future.

Extend the living space. According to Herriges, adding more living space to a home, like finishing a bathroom or adding a deck, has become the latest trend and will yield high returns.

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Four Rules to Follow When Remodeling