You have probably seen the value of real estate in your neck of the woods skyrocket over the past few years. Even though the property values have fallen slightly over the past year, homes are still selling easily and many are undertaking home remodeling projects prior to selling their home. It is relatively common knowledge that a home remodel or a home makeover can affect the value of the home. However, you need to be aware of the cost vs. value of your home remodeling project, in other words you need to take into account as to whether or not the costs of the improvements can or will be recovered when selling your home. It appears that kitchen and bath remodeling projects tops the list of desired improvements. Master bedrooms and family rooms are also high on the list. For kitchen remodels, people are looking for a larger more spacious kitchen with some elbow room. Large counter tops, newer appliances and quality flooring top the list of improvements. Remodeling of a bathroom, particularly the bathroom connected to the master suite seems to be quite desired as well. And one thing that seems to really draw interest is the whirlpool bathtubs. Just remember a kitchen or a bathroom remodel can get expensive really fast, so if you are planning on selling your home in the near future, it may not be a wise investment. Some improvements that do not recover costs well are additions to master bedrooms or the finishing of a basement (surprisingly enough). Please note that the list of desired home improvements seem to differ from region to region (sometimes from city to city) so before embarking on a home remodeling project, be sure to investigate what types of improvements turn people on in your neck of the woods. It is recommended that you visit Realtor Magazine Online and review the cost vs. value reports before starting any home remodeling project as it seems that in the current market the costs of remodeling a home will exceed the value, so proceed with caution. If you are simply looking to add value to your home because you are planning on selling your home, it may not be a wise investment to spend thousands of dollars to remodel your home. The best thing to do if you are looking to increase value is to start from the outside and then work yourself to the interior. Start with things people can see as they first walk up to your home, in other words, start with curb appeal! Do some yard work and clean up around the exterior of the house. Start with things that people can and will see first. If your house is in need of a coat of paint it may be a wise investment to either clean or paint the exterior. Investing a bit in landscaping will go a long way as well. A word for the wise: Don't over-improve your home because you will not recover the investment. |
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