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Increase Or Decrease In Value! What’s Up?
By homejack | June 22, 2008
In the housing market, some home improvements actually pay off by increasing your home’s value. You may be surprised to learn that other projects will do little to improve the value, and some may actually decrease the value. If not that, at least make it more difficult to sale.
In general, updating your kitchen and bathrooms are always smart investments and offer the best home improvement value. Adding a pool is on the other end. You rarely, if ever, recoup the expense for a pool and in most cases a pool will hinder the sale.
The kitchen is where much of the family interaction occurs. For this reason, the average return-on-investment for kitchen improvements range from 80 to 93 percent with an average cost of $15,000 and up. Suggested projects are adding new tile flooring, re-facing existing cabinets, and updating appliances with new energy efficient models.
Bathroom renovations yield a return of between 85 percent to 90 percent especially if you only have one bathroom. Adding a new bathroom can give very positive results and enhance a sale. Just be careful not to overdo the project. Some good improvements to consider include installing double sinks, tile floors, new bath fixtures and faucets.
Larger improvements that increase value include adding a fireplace, building a deck or patio, or adding a new heating or cooling system.
Simple cosmetic improvements can also go a long way to alter the minds of prospective buyers. Change the cabinet hardware, the door hardware, the electrical plugs and switches or the kitchen sink. Take down the curtains and put up blinds to let more light in. Install a ceiling fan.
Some improvements rarely pay off but are fine if you and your family will enjoy them, such as adding a swimming pool. Just keep in mind that they rarely increase the value of your home and may even make your home more difficult to sell.
Avoid making expensive improvements that go beyond what is typically found in your neighborhood. You don’t want own the most expensive home on your block when it’s time to sell your home.
The last piece of advice is to avoid getting too fancy. Everyone’s tastes are different, so choose colors and materials that appeal to the majority. This will make a quicker and easier sell.
Topics: General |