Selling Maine Real Estate

The Value of Home Improvements

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.

Replacing Windows

Increases value if the windows are energy efficient (defrays energy costs)

Landscaping

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 - Report

Each year NAR conducts a narional survery of home projects, examining costs and values.  The chart below provides an overview, or your can down the complete report at: NAR Remodeling Report.

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.