subject: Renovating Your Home To Increase The Value [print this page] If you want to increase the value of your home, try some simple renovations. The more improvements you make, the more you will be able to get for your house when it comes time to sell and move on.
While there isn't a whole lot we can do when it comes to the trends in the housing market, there are simple things we can do to raise the value of our homes and our properties. One of the most basic things you can do is some simple renovations.
By improving certain rooms or aspects of your house, you can increase the value substantially. You don't even have to spend a ton of money doing it.
Most homeowners have a few projects on their mind that would improve either the look or function of their property. Renovations, however, are not something that most people go into lightly.
While each household's needs are of course the first thing to consider, the added resale value of a property is another factor that can come into play when you are picking the project that's best for you. If you have always wanted a basement family room or extra bathroom, and it will enhance your quality of life, then market value is likely not the key element in the decision to start remodeling.
Factoring in resale value is especially important, however, when you are planning on selling a property. Studies suggest that most renovation projects do in fact increase the price of the home at resale, though the increase is typically less than the cost of the project, unless you are great at finding deals and doing things yourself.
There are, however, some renovation projects that will not only beautify a property or make it more functional, but will also return more than the construction costs in additional market value! It is common knowledge that how much a house is worth will change depending on where in the country or even county it is located.
Many homeowners are also aware that when you do a certain kind of renovation, the amount of increased market value is different depending on what part of the country it is performed in. For example, installing vinyl siding might cost an average of nine thousand dollars and recover nearly ninety percent of construction costs in added market value nationwide, but may only recoup seventy percent of construction costs in Pittsburgh, Pennsylvania.
For example, in Knoxville, Tennessee, however, vinyl siding replacement could recover well over one hundred percent of construction costs in resale value. It is well worth the time and effort to do a little research on the recouped percent of construction costs a particular project brings in your specific area before you begin, especially if you're planning to sell in the near future.
It is said that nothing is more desirable to a prospective homebuyer than an older home with classic appeal, that has been updated to contain everything you would want for modern living. Real estate agents know that a gleaming kitchen with state-of-the-art appliances, cork or hardwood flooring, stone countertops, and lots of cupboard space can sell a house the instant a buyer sees it.
Conversely, a cramped, ill-lit kitchen with outdated linoleum and harvest gold appliances might actually scare buyers away. The kitchen is a very big bargaining chip when it comes to selling.
Improving the paint, the floors, and the cupboards can do a lot when it comes to the type of people who will be interested in your property, and how much they will be willing to pay. Some even consider this the most important room of the house.
Bathrooms are another big draw. Both quantity and quality count.
A house with two or three baths with quality fixtures and finishes will sell much faster than the same house with one bathroom with moldy grouting and ancient fixtures. If you cannot afford to renovate, update and refresh key rooms instead.
Replacing an old countertop, repainting cupboards and walls, and installing new door pulls and lighting can make a big improvement in your kitchen for a very modest price. Similar touches increase the appeal of older bathrooms, too.
Fresh paint throughout your home is another low-cost, high-return project-it makes everything look cleaner and brighter, and buyers love a house they will not have to redecorate immediately. Look around your house for the small changes you can make right away, such as paint, tiling, drywall patching, or even molding.
