How to Increase the Value of Your Home
There are ways to increase your home's value for resale that can be expensive such as major remodels, replacing systems such as the HVAC, kitchen appliances and major remodels to inexpensive fixes like power washing the outside, adding mulch to flower beds or having the carpets professionally steam cleaned. One thing to consider before doing major remodels or repairs is will it raise the value of your property above the other's in the neighborhood and can you recoup your investment.
Below are some figures appeared in the November, 2001 issue of Realtor Magazine. They list the top ten remodeling projects undertaken to increase a home’s value in the United States and what percentage of your remodeling investment is recouped at resale.
Project (average cost recouped, national):
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%)
These are national averages and may not reflect in your particular market. A good example is if you spend $10,000 on a major kitchen remodel, you would be adding approximately $8,800 to the value of your home. Also keep in mind what seems to add value to you many not appear that way to a prospective buyer. Some projects you may want to think twice about adding like a Jacuzzi, permanent hot tub, in-ground swimming pool, sprinkler system, substantial out buildings like a two-car garage or finished workshop.
Some Tips when Adding Value
* If you decide to remodel keep a mass appeal in mind. Potential buyers are usually attracted to more neutral, mainstream design.
* Don't go cheap when it comes to construction. Use quality materials and if you are a do-it-yourseler honestly evaluate your ability to do it right.
* Don't remodel in a different style from the rest of the house, this may detract from your home's appeal.
* Turning a bedroom into a bathroom is a huge mistake, it reduces the number of bedrooms which is a chief selling point.
* Do not over remodel. Putting a $50,000 kitchen into a $200,000 home is a waste of money. Unless you plan on living in the home.
* If you don't sell many improvements can increase the life of your home such as a new fence, a new heating/cooling system, new roof or landscaping.
Before Listing Your House for Sale
Make sure the outside of your home is in order. Clean gutters, wash windows, remove cobwebs and bugs. Trim hedges away from the home, cut and edge the lawn, sweep the driveway and sidewalks. If it is in warmer weather plant some colorful flowers in the front. These are ways to make your home stand out from the neighbors and other homes for sale in your area. For more information about getting the most from your efforts contact Allen Deaver of Asset Realty today.