Home Improvements That Pay You Back

Written by Posted On Thursday, 27 February 2014 06:16

If you’re thinking about making any home improvements or alterations, it’s always a good idea to keep in mind the type of return you might get for them when you decide to sell your home sometime down the road. So, which types of home improvements are most likely to recoup your investment – or even increase the resale value of your home?

  • Make a good first impression. Increasing curb appeal is always a great value since a buyer’s first impression of your home in the exterior. Replacing your front door can yield a large return on a relatively small investment – as can replacing your garage doors. Other outdoor projects, from spending a little bit on your landscaping, driveway to  siding and windows, can yield more than just return on the money spent; it can also land you an interested buyer from the moment they pull up outside your house.  Curb appeal is everything!

  • Go Green!   Energy-saving fixtures and appliances are all the rage right now.  When replacing fixtures, appliances, windows, toilets and the like always go for energy-saving models.  This will enable you to save money in the short term and also, reap a return on your investment when you decide to sell. 

  • Take advantage of extra space.  Adding to your home only increases its value.  Plus, increasing square footage to your living space can significantly alter the perception of a buyer, who will feel he is getting more out of his new home.  If you are considering working with what you already have, remodeling a basement or attic; making it into livable space can open up your home without having to make any expensive additions. You may even consider adding a bedroom in the attic as a better alternative to doing a family room addition, etc.  Did you know that each additional bedroom adds 4% to the value of your home?

    Building a deck will also have a positive impact on resale value because it too provides additional living/entertaining space.  With all the outdoor heating alternatives, it can be used year round.

  •  Think in the mid-range. Spending a little money on remodeling your kitchen or bathroom or transforming your space can yield a good return, although a high-end remodel may be overdoing things. You’re more likely to recoup the bulk of your expenditure if you scale the project to a reasonable price. Choose mid-range finishes and fixtures for your kitchen and bathrooms.  You don't need the rarest granite, highest end cabinetry or most expensive tile.  There are many options out there today for high quality products that afford you the same up-to-the-minute look, yet at realistic prices.   

  •  Consider your location. Something important to keep in mind is to keep home alterations within reason so you aren’t changing your home to the point that it no longer fits with your neighborhood or region. Consider the condition, age, and price range of your home and make certain not to embark on any projects that won’t marry with the feel of your home and neighborhood as this could jeopardize a future sale.

By taking a little time to think through your approach to home improvements before you get started, you’ll be able to maximize the return on your investment when you sell your home and also enjoy your efforts while you’re still living there.

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