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Remodeling Projects that Add Value
Real Estate Advice: Home Remodeling Projects that add value to
your home
By David Maillie
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Have you been wanting to add a room, turn a
closet into a bathroom, revamp and modernize
your kitchen, replace appliances, or retile
the floor? Remodeling projects can really add
to the usefulness and space of your home, but
some will add more (and in some cases a lot
more) value to your home. Here is what some of
the best real estate experts are recommending: |
1) Keep within the bounds of your neighborhood
- a $50,000 home theatre is neat to have, but
if you live in a $100K-$200K neighborhood this
will not add much to your resale value or can
make it very hard to sell for what you want.
You would be out pacing and outpricing your
neighborhood. If you are going to stay in your
house for ever this is fine (you can do
whatever you like then). Look at what your
neighbors have or are doing and look at recent
sales prices and trends for your neighborhood.
A good, seasoned, local realtor can be a big
help here. They know what adds value and will
help sell for top dollar.
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2) Kitchens and bathrooms are key! In
every area of the country these remodeling
projects are the best at recouping their
cost and actually adding to the resale
value of your house. Average return on
investment 100 - 105%. Energy efficient
appliances, stainless steel, new
countertops, new sink, paint, flooring,
crown molding will do wonders for the
kitchen. Only go for granite if some of
your neighboring houses have it, else you
are again out pricing your house. |
New fixtures,
tub, double instead of single sink, recessed
lighting, flooring and paint for the bathroom
will catch a buyers eye - less they will have
to do to make it home.
Tip - when painting go
with neutral tones and, if possible, use a
expert for tips on colors.
3) Decks, fences, bathroom addition (not
remodel). Average return on investment 80 -
90%. These projects can be costly when
comparing cost versus value, but recoup enough
and add functionality so they are still good
ideas. Be sure to use experts for any addition
projects as you may have code issues and
zoning requirements an expert is better able
to meet.
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4) Home office, screened porches, refurbished
basement, attic bedroom, home office. These
projects are a little lower on the average
return on investment, 70 - 85%, but they
should not be overlooked as they can make your
house sell quicker. A screened porch is a must
in some neighborhoods and many buyers have now
come to desire or even require a home office
as current trends show an increase in home
offices and the self employed. Also, a home
office may be partially tax deductible. Again,
the rule is stick with tradition, look at your
local furniture stores to see what people like
their rooms to look like. Large furniture
manufacturers spend millions to find what
people want in home offices and such and place
their furniture and room settings with this in
mind. Don't go to modern or try something
unique, tradition sells. The more unique you
make your home the harder it will be to sell
it.
5) Game rooms, saunas, pools, bars, upgraded
windows, etc... These are projects that are
good if you are planning on staying in the
home for a long time and don't care too much
about resale value. These projects generally
have much lower resale values and will only
result in a loss of money. Again, it is best
to ask a local realtor what works and what
does not.
There you have it - what works and what does
not. Keep in mind there are some communities
where the norm can be different and it is
always best to consult an expert for their
opinion. Besides it is free to consult the
best experts - real estate professionals.
About the Author: David Maillie is an alumni of Cornell
University and holds numerous patents including his recently awarded patent
for headlight cleaner and restorer.
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