How to Increase Your Home's Value
Before you begin any value-increasing projects, remember not to raise the value of your property too far above others in the neighborhood. People who want expensive homes shop exclusively in pricier neighborhoods. A good rule of thumb: keep the value of your property within 15 to 20 percent of your neighbors.
Project (average cost recouped, national) according to REALTOR® Magazine:
- Minor kitchen remodel (88%)
- Bathroom remodel (85%)
- Major kitchen remodel (81%)
- Family room addition (80%)
- Deck addition (77%)
- Master suite (75%)
- Attic bedroom (74%)
- Siding replacement (73%)
- Window replacement (69%)
- Home office (55%)
Some tips when attempting value-increasing remodeling:
- Remodel with mass appeal in mind. Potential buyers are usually attracted more to neutral, mainstream design.
- Don’t go cheap when it comes to construction. Use durable, quality materials. If you’re a do-it-yourselfer, honestly evaluate your ability to do it right.
- Don’t remodel in a different style from the rest of the house. Additions and improvements that look “tacked on” may detract from a home’s appeal.
- Turning a bedroom into a bathroom is a mistake. It reduces the number of bedrooms, a chief selling point.
- Don’t do a $30,000 kitchen remodel in a $100,000 house, unless you plan to continue living there a long time. It is a waste of money.
A few more ideas for making your home more appealing:
- Make sure the outside of your home is spic-and-span.
- Clean out the gutters. Wash the windows and remove cobwebs and bugs.
- Trim the hedges, cut and edge the lawn, sweep the sidewalks and driveway.
- Plant some colorful flowers out front.
- You may want to add to or improve your landscaping while you’re at it. According to a study conducted by Money Magazine, landscaping may be the best investment to improve a home's value. The study found that well-planned, attractive landscaping was estimated to have an actual recovery rate 100 to 200 percent higher than a kitchen or bathroom renovation.
If you need more info about any of these ideas or want some ideas, don't hesitate to call me at 817-991-3964.