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Adding
Value To Your Home Is A Good Investment
For
the first time, the median price for an existing home reached the
$200,000 mark. This is good news if you are considering putting your
home on the market, but before you put up that For Sale sign, you should
carefully scrutinize your home. Despite housing prices being at an
all-time high, if you want to get the most out of your house, you may
want to consider different ways to add value to your home.
The
Big Three.
The quality and layout of your kitchen, master bedroom, and
master bathroom are critical to your home’s value and can make or
break a sale. Since your kitchen and master bath get quite a bit of use,
updating them is a good investment. In the kitchen, go for new
appliances, good countertops, and an increase in space, if possible. In
the master bathroom, size is the most important and a spa or whirlpool
bath is a great add-on. Similarly, space is the key in the master
bedroom and large closets are good amenities. Although a complete
remodeling of these rooms isn’t always feasible, updates in these
three rooms will give you the best return for your money.
Wood
Is Good.
Natural materials are extremely popular in homes these days and
wood leads the way. Hardwood floors can be a little pricey, but are
often well worth the price and effort. If you have carpeting on top of
hardwoods, you may want to consider pulling up the carpet and
refinishing the floors. Also, a wood deck adds excellent value to your
home. If you already have a deck, think about refurbishing or even
expanding it. However, try to avoid going overboard with a deck; don’t
build or expand a deck beyond what is serviceable for the size of your
house.
First
Impression.
Are you looking for a less-expensive alternative to increase your
home’s value? The first place you should consider is the outside of
your house, namely the landscaping and general appearance of the
outside. Hiring a landscaping company is a good inexpensive step and
will increase the “curb appeal” of your home. Much like the deck
scenario, though, overdoing it in the yard won’t necessarily increase
the value of your home proportionally. Also, you may want to consider
sprucing up your exterior paint and think about resurfacing your
driveway.
Illusion
of Space.
One of the easiest and least expensive ways to add value to your
home is to increase the size of your house—but not by adding on
another room. With a little bit of organization combined with a little
sleight of hand, you can give prospective buyers the illusion that your
home is bigger than it is. Although the square footage won’t change, a
buyer’s perception may change if you keep the rooms in your house
clear and organized and clean out any storage space you have. Buyers
always try to imagine their belongings in a house and if your house
gives the illusion of more space, you’ve increased the value—real or
imagined.
Remember,
though, going overboard on any remodeling project may not have the
desired effect. Your home may end up being out of place—and
overpriced—in your specific neighborhood. Moderation is always the
key. ∆ |
