Have you been wanting to add a room, turn a closet into a
bathroom, revamp and modernize your kitchen, replace appliances,
or retile the floor? Remodeling projects can really add to the
usefulness and space of your home, but some will add more (and
in some cases a lot more) value to your home. Here is what some
of the best real estate experts are recommending:
1) Keep within the bounds of your neighborhood - a $50,000 home
theatre is neat to have, but if you live in a $100K-$200K
neighborhood this will not add much to your resale value or can
make it very hard to sell for what you want. You would be out
pacing and outpricing your neighborhood. If you are going to
stay in your house for ever this is fine (you can do whatever
you like then). Look at what your neighbors have or are doing
and look at recent sales prices and trends for your
neighborhood. A good, seasoned, local realtor can be a big help
here. They know what adds value and will help sell for top
dollar.
2) Kitchens and bathrooms are key! In every area of the country
these remodeling projects are the best at recouping their cost
and actually adding to the resale value of your house. Average
return on investment 100 - 105%. Energy efficient appliances,
stainless steel, new countertops, new sink, paint, flooring,
crown molding will do wonders for the kitchen. Only go for
granite if some of your neighboring houses have it, else you are
again out pricing your house. New fixtures, tub, double instead
of single sink, recessed lighting, flooring and paint for the
bathroom will catch a buyers eye - less they will have to do to
make it home. Tip - when painting go with neutral tones and, if
possible, use a expert for tips on colors.
3) Decks, fences, bathroom addition (not remodel). Average
return on investment 80 - 90%. These projects can be costly when
comparing cost versus value, but recoup enough and add
functionality so they are still good ideas. Be sure to use
experts for any addition projects as you may have code issues
and zoning requirements an expert is better able to meet.
4) Home office, screened porches, refurbished basement, attic
bedroom, home office. These projects are a little lower on the
average return on investment, 70 - 85%, but they should not be
overlooked as they can make your house sell quicker. A screened
porch is a must in some neighborhoods and many buyers have now
come to desire or even require a home office as current trends
show an increase in home offices and the self employed. Also, a
home office may be partially tax deductible. Again, the rule is
stick with tradition, look at your local furniture stores to see
what people like their rooms to look like. Large furniture
manufacturers spend millions to find what people want in home
offices and such and place their furniture and room settings
with this in mind. Don't go to modern or try something unique,
tradition sells. The more unique you make your home the harder
it will be to sell it.
5) Game rooms, saunas, pools, bars, upgraded windows, etc...
These are projects that are good if you are planning on staying
in the home for a long time and don't care too much about resale
value. These projects generally have much lower resale values
and will only result in a loss of money. Again, it is best to
ask a local realtor what works and what does not.
There you have it - what works and what does not. Keep in mind
there are some communities where the norm can be different and
it is always best to consult an expert for their opinion.
Besides it is free to consult the best experts - real estate
professionals.
|
|
© 2007 Kitchen Pro Cabinetry, Inc., Inc. All Rights Reserved.
|
|
