How to Increase Your Home's Value
When you are getting ready to sell your home, you want to get every penny that it's worth. I totally agree. There are a few things that you must remember about home value, however.
You only have control over some things. Neighborhood, economy, and other uncontrollable factors can determine value.
Your home vs. other homes in the neighborhood. Their homes may be worth more because of upgrades, and other remodeling they may have done.
Location. You can't move your home and so the location of your home can determine pricing. Great area, better pricing.
So with this in mind, let's look at the things you can do to Increase Your Home's Value With These Projects - average cost recouped, nationally - according to Realtor Magazine. In other words, if you were to invest in the project listed you will see in the parenthesis the amount that you may recoup in the sale of your home. This may also depend on whether you complete the project yourself or if you have to hire a contractor.
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%)
On the other hand, these are projects may or may not increase your home’s value including: Jacuzzi bath tubs(4 jets or more); permanent hot tub; in-ground pool; security system; sprinkler system; substantial out buildings; and vaulted ceilings.
And most likely these projects probably won't add value to your house: above-ground pool; ceiling fans; garden pond; and light fixtures. These things may be dependent upon the buyer. Pools and ponds that take extra maintenance may not be what one buyer wants but another buyer would love.
You should think carefully and remodel with mass appeal in mind. Not everyone is going to like Lime Green in the bedroom. However, a nice cream or beige would be suitable for most anyone.
Use durable, quality materials. Don't skimp because you are selling. Upgraded materials can really improve the price and the staging.
Age and Condition. Obviously if you have an older home, it may need some upgrades or renovations. Right around 8-10 years old, appliances and equipment begin their downward effectiveness and will need to be replaced for more energy efficient ones.
Don't over update. Keep the value of your property within 15 to 20 percent of your neighbor's homes otherwise you price your home out of the neighborhood.
If you have any other questions about what can bring value to your home, just give me a call or contact me here. I am happy to share this information with you.