Increasing Your Home's Value
Make It Personal
Recent statistics indicate once buyers move into their new home, thoughts immediately turn to the best ways to remodel or improve the home for maximum comfort. For many homeowners, it’s also about making the home more personal to the taste and desires of the owner. This article will identify the smart places in your home to increase its value, some with very low cost to you.
The “in” fix in the home improvement and remodeling arena is creating a master quarters that includes a luxurious bathroom with:
- Large soaking tub
- Towel warmer
- Heated travertine tile floors
- Separate shower
- His and her double sink furniture-style vanities
Many of these master suites also include these must-have amenities including:
- A sitting area
- His and her walk-in closets
- Flat panel TV in the bathroom
- Trayed ceilings
Many home buyers are looking for these mini retreats in the newer houses they view.
Certain additions, improvements and updates offer far better return on investment than others. Home improvement experts all agree the kitchen and the bath off you the most bang for your investment bucks. Minor updates of the kitchen will offer you a ROI of about 88% (meaning you’ll recoup 88% of the money you spent remodeling when you sell your home). Updating countertops, cabinets, upgrading or replacing appliances and recovering your kitchen floors are all safe investments and offer a relatively higher return on your investment at closing.
Cost vs. Value Study
Remodeling magazine publishes an annual “Cost vs. Value” study. Gathering data from real estate professionals from around the country this magazine analyze the information from real estate professionals around the country to compute both national and regional average return on investment (ROI) figures for various home improvement projects. If you’re serious about getting the highest return on your investment, be sure to contact us and we will let you know if the project you’re about to launch represents a strong return on your investment.
Know Before You Go
Before you leap into action and start that $20,000 home improvement to update your home, it’s important you know this tidbit of information - on average; most improvements will not allow you to recoup your full investment if you sell the house within a year. If you intend to stay in your home for years, the short-term ROI doesn’t matter anyway, does it?
Calling All DIYers
If you are a skilled do-it-yourself (DIY) kind of person, here is one very important tip – since labor costs account 50% of a project, you have the opportunity to save quite a bit money by doing it yourself. Be sure to understand that your time is valuable too. If your level of experience is weak, you may take more time and eat up more cost in materials than a professional. You eventually will pay more than it would cost to hire a professional.
Be wise and take all these tips into consideration before you begin your home improvement project. In doing so, you’ll save yourself a lot of time, money and headaches.
Select A Proven Neighborhood Real Estate Leader
After your home improvement project is completed, be sure to save all your documentation like your warranties and receipts so you can remember how much you paid and when you completed your improvements. When your project is complete, we recommend you schedule your free home selling consultation with us. At that time we will review your home’s value and lay-out a timeline to market your home for a quicker sale for more money.