Keep Your Home’s Value Consistent With The Neighborhood
Before you begin any new home projects in order to raise your property value, be careful not to raise the value too far above other homes on your block. Potential buyers looking to purchase higher priced homes may look exclusively in pricier neighborhoods, so don’t price yourself out of the market for your area. You always want to keep the value of your property within 15 to 20 percent of the surrounding homes in your neighborhood.
The Average Cost Recouped (National – According to Realtor Magazine)
• Minor updates to your kitchen (88%)
• Remodeling your entire kitchen (81%)
• Remodeling your bathrooms (85%)
• Adding a family room (80%)
• Adding a Deck (77%)
• Master suite remodel (75%)
• Adding an attic bedroom (74%)
• Replacing your siding (73%)
• Replacing your windows (69%)
• Updating you home office (55%)
Other updates to your home that may increase you’re the property value include: Jacuzzis, hot tubs; in-ground swimming pool with nice deck; security system; sprinkler system; two-car garage or finished workshop; and vaulted or trey ceilings.
You may want to think twice about the following projects – they may not add any additional value: above-ground pool; ceiling fans; garden pond; and new light fixtures.
Value-increasing Remodeling Tips
• When you remodel, do it with mass appeal in mind. Buyers are usually attracted to neutral, mainstream design.
• Don’t go cheap when it comes to construction. Be sure to use good durable, quality materials.
• Don’t remodel a room with a different style from the rest of your home. You don’t want the room to look like it doesn’t belong.
• Never turn a bedroom into a bathroom.
• Don’t spend $30,000 on a kitchen remodel in a $100,000 house. Keep the cost consistent with the total price of the home’s value.
• Keep the outside of your home extremely tidy. Cleaning out your gutters, washing windows, etc. can really help. Trim your hedges, cut and edge the lawn, and keep sidewalks and driveway clean. Plant some colorful flowers out front.
• According to a study by Money Magazine, landscaping is be the best investment to improve your home’s value. Well-planned, attractive landscaping was estimated to have an actual recovery rate 100 to 200 percent higher than a kitchen or bathroom renovation.
