Homes that command high prices in the market are those that look great and are well maintained. These homes did not get this well kept appearance overnight but over a period of time. These are not impromptu repairs done to increase the property’s market value, but improvements that were instigated by the owners themselves, for their own personal benefit.
Many homeowners, unfortunately, tend to neglect the general upkeep of their home until it’s time for them to move out and sell. Then in an effort to bump up the market value, they spend a lot of time and money trying to do a magical face-lift. Unfortunately, these tricks seldom work. The buyers can smell a fresh can of paint and sense a cover up a mile away.
Homeowners usually undertake home improvement projects over the years. These include turning the basement into an extra room, adding more windows, landscaping a garden, among others. Studies show that of the usual home improvement activities, these additions are those that greatly improve the home’s retail value:
Adding a Garage
This feature makes the home more attractive for large and mobile families or to those who always have people over.
Increases value if the windows are energy efficient (defrays energy costs)
Adding a terrace, a patio or even a sundeck greatly impacts the retail value of a home. In some areas where privacy is of utmost importance, the presence of shrubs and hedges are welcomed.
Remodeling of Bathroom and/or Kitchen
Nothing increases a home’s value more than a kitchen and/or bathroom make-over. Be it retiling or the addition of more storage space, these changes mean a lot to buyers.
Other worthwhile investments on your home include conversion of a spare room into a bedroom, and the construction of another bathroom in the premises.
Cost vs Value
Each year NAR, in conjunction with Remodeling Magazine, has conducted a survey of home projects around the country, examining the cost and value of each. For more details on the values of many different remodeling projects and the expected return in selling price, visit: Home Remodeling Vaulations
If you intend to invest in remodeling your home, do it simply because you need it and it pleases you. Don’t think about the possible remuneration when you eventually sell the house, just focus on how these changes will answer your needs. That’s all that matters … at least, for the meantime.
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