Boosting Your Home Value
Boosting Your Home Value
In today’s tricky real estate market some home fixes add value-and some don’t bring much return on your investment. Adding a wood deck to your home makes sense. You can expect to receive back an average of 80 percent of the cost. But think twice about adding a 2 story addition. This will typically bring back only around 68 percent at the time of resale.
The Kitchen is the best place to invest. Polls show that 35 percent of home buyers say a great kitchen is a must. Look to make it an open floor plan that spills out into the family room if you can. Not only is it great for you but it will turbo charge your re-sale value. Don’t over personalize with a funky color scheme. If boosting your home’s value is your goal it is usually not a good idea to convert a bedroom into a personal or fitness room. It’s also best to let a garage be a garage for boosting your home’s value. Don’t try to turn a garage into something less useful.
Swimming Pools Not for Everyone
When I was young it was everyone’s dream to have a home with a swimming pool. In the romanticized version of this dream it is a wonderful place for summer barbecues. Children are laughing and splashing. Shorts and sandals. Fit and sassy women are lounging around in skimpy bathing suits. Grown men are wearing Hawaiian shirts and acting like fine old boys as they show off their barbecuing skills. Sounds good doesn’t it? It is good for some people. Mainly people who live in warmer climates to get the most use out of them. But swimming pools require a lot of maintenance in addition to being very expensive to install. If you just need to have a swimming pool go ahead. Don’t expect it to add to the fair market value of your home. There are a lot more people who don’t want the expense and responsibility as well as higher insurance costs that go with them. Boosting your home value is best done with…
Less Flashy Investments
The best investment of all for boosting your home’s value is a solid high quality front door. This door adds significant “curb appeal” and will bring back more than its cost. Nicely tended shrubbery is great for boosting your home ‘value. Healthy well maintained shrubbery adds a lot of appeal to any home. A new mailbox, house number and outdoor lighting fixtures do wonders far beyond their minimal cost.
Don’t put off roof repairs. If you wait, water damage from a leaky roof will lead to thousands of extra dollars in repairs. Be proactive. Look for cracked, curled or missing shingles–all are signs that the roof is nearing the end of its life.
Wall to wall carpeting is expensive and not for everyone. It also tends to wear out and get dingy rather quickly. Expensive fancy kitchens are going to bring their cost back. Don’t expect a good return on a hot tub or extravagance in the bathroom fixture department.