Top 10 Best Home Improvements For Increasing Property Value

advertisement
Top 10 Best Home Improvements For Increasing
Property Value
1. Indoor Systems


Before you consider cosmetic improvements and even functional improvements (such as adding
additional square footage) to the home, make all needed upgrades, repairs or replacements to
the home’s major systems. Buyers want assurance that these basic items are in working order
and won’t need to be replaced or repaired in the near future, an issue that will most likely be
addressed in the home inspection.
Older homes may require updated wiring and plumbing. An old roof should be replaced.
Address problems with heating and air-conditioning units.
2. Outdoor Replacement Projects

Replacement projects will give you more added value than remodeling projects, according to
Remodeling Magazine. Fortunately for homeowners, these types of projects are also the least
expensive and add to the home’s curb appeal. Consider replacing the garage door, siding, the
front door and windows. The average return on investment for these projects is almost 72
percent. The magazine suggests fiber-cement or foam-backed vinyl siding, adding a steel entry
door, and vinyl window replacement.
3. Attic Bedroom

The number one home improvement project as far as recouping a return on your investment is
the addition of an attic bedroom, according to Remodeling Magazine. At a nationwide average
cost of a little over $50,000, expect to recoup 72.5 percent of the cost when you sell the home.
KL Home Solutions, LLC
4. Add an Additional Bathroom


Over the past few decades, the kitchen was the average homebuyer’s focal point when choosing
a home. In 2011 bathrooms became more important to buyers than kitchens. That said, an
additional bathroom, even a half bathroom, adds significant value to your home, according to
the experts at the National Association of Home Builders (NAHB).A half bath may add up to 10.5
percent to a home’s value, while a full bath can tack on an additional 20 percent. Of course, the
amount of additional value you will receive varies according to the home’s other features. The
price of adding another bathroom to the house varies as well, depending on region. If you live
on the West Coast, plan on paying almost $50,000 for a new bathroom, according to
Remodeling Magazine. The magazine also states that, at the sale of the home, you’ll recoup
almost 67 percent of the cost of the addition. East Coasters can plan on spending a bit less –
around $41,000, but will recoup less as well – 47.7 percent of the cost.
Tip: If you’re on a tight budget and can’t afford a bathroom addition, give the existing
bathrooms a facelift. A fresh coat of paint, new fixtures and new flooring will add value and
make the home show better.
5. Kitchen Improvements


Kitchens tend to be the heart of a family home so anything you do to improve your kitchen will
add value. Again, painting the kitchen should be the first step, whether you plan an entire
remodel of the room or just a minor facelift. Vinyl flooring tends to make the room look dated,
so consider replacing it with laminate or tile. New cabinetry, kitchen sink fixtures and updated
lighting will all add value.
Tip: Folks on a budget can still increase value by sanding and then painting or staining cabinetry
and adding new hardware and by purchasing new (matching) appliances and new countertops.
6. Boost Curb Appeal

When a TV show can be built around this one subject, it’s a pretty good indication of its
importance. Curb appeal is what beckons potential buyers into your home and underestimating
its importance to the value of a home is a big mistake many homeowners make. If you have a
healthy budget, and your landscaping needs extensive work, consider hiring professionals for
this home improvement project. A landscape architect can be pricey but necessary if your yard
is in desperate need of an overhaul. According to Jeff Mitchell with the American Society of
Landscape Architects (ASLA), curb appeal shouldn’t stop at the front yard, but should be
extended to the backyard as well.
KL Home Solutions, LLC
At the very least, clean the yard of any debris, trim trees and shrubs and spread fresh mulch in the
planting beds. A poorly maintained front yard can result in up to a 10 percent drop in value, according to
Houston appraiser Frank Lucco.

Tip: Budget home improvement landscape projects include:
Line the walkway with solar-powered lights. The big home improvement stores carry a variety of
inexpensive styles and all you need to do is stick them in the ground. Not only are they functional –
lighting your way at night – but they provide ornamentation as well.
Green up the lawn, keep it mowed and edged and reseed bare spots.
Add color to the planting beds. Be careful to keep your color choices aligned with the home’s
architecture. In other words, don’t add cottage garden-type flowers to a bed in front of a starkly modern
home. Certain plants are grown because of their interesting and colorful foliage, such as hosta and
coleus, and are better suited to more modern homes. If you have questions about what to plant, consult
with the experts at your local nursery.
Plant a tree. Yes, it sounds like an Arbor Day slogan, but planting a tree in your front yard pays off by
helping cut energy costs in the summer (if strategically located to shade the house) and by adding value
to the home. Not sure which tree to plant? Use the fun National Tree Benefit calculator to assist you
with making the right choice. Just enter your zip code and the calculator will bring up a list of trees
suited to your region and let you know the benefits of each.
Pressure washing. Is the most effective and efficient method of cleaning housing exteriors. Pressurewash any siding on the outside of your house, as well as the sidewalks and driveways. If you don't have
the time to undertake such a project, consider hiring a professional cleaning service. Many of them
specialize in residential properties for lease or for sale.
7. Refurbish the Basement

Converting the basement to a family room, in-home theater or recreation area adds useable
square footage to the home, which is one of the best ways to add value. Check out decorating
magazines and websites for creative ideas.
KL Home Solutions, LLC
8. Additional Storage

Most new homes come equipped with lots of storage. Older homes, on the other hand, tend to
lack even some of the basic storage options, such as a coat or linen closet. If you lack the space
to expand closets or other storage spaces or build new ones, consider redesigning the spaces
you do have. There are specialty stores now dedicated to nothing but storage solutions. Do-ityourself projects may include adding a complete closet system or adding organization details to
a pantry.
9. Additional Square Footage

Every 1,000 square feet added to a home raises the value by more than 3.3 percent, according
to a 2003 study for the National Association of Realtors. While that percentage doesn’t sound
significant, when you put it into numbers it makes a lot more sense. For instance, if your home is
valued at $200,000, a 3.3 percent increase adds an additional $6,600 to the value. Additionally,
the 3.3 percent statistic can most likely be adjusted upward based on the age of the study. The
study also claims that each additional bedroom adds 4 percent to the value of the home. If your
laundry is located in the basement, the value of your home decreases by two percent, so if you
plan on adding square footage to the home, build a laundry room on one of the upper floors.
10. Miscellaneous Home Improvements





There are many small items you can add to the home that buyers will perceive as adding value.
Some of these include:
Alarm systems
Water filtration system
Luxury touches. such as an upgraded dishwasher, whirlpool bathtub and built-in wine coolers
may peak the buyer’s interest. Luxury homeowners can take this a step further by adding an inhome theater and additional spa-like features to the bathrooms.
Eliminate odors. A common saying among realtors is, "If you can smell it, you can't sell it."
Sometimes, people can't detect how their house smells because their noses are so accustomed
to it. If you think your home smells fabulous, have a trusted friend confirm or deny this as soon
as they walk in the door. If you keep pets, thoroughly shampoo carpets and furniture, and wash
all bedding - you're not selling the bedding or the furniture, but they're capable of smelling up
the house just the same. If you smoke, do everything you would for pets in addition to washing
(and possibly painting over) the walls and ceiling as well as you can.
KL Home Solutions, LLC
When you know your realtor will be showing the house, try to make it smell good by baking
something delicious beforehand (which you can put on the counter for your guests) or lighting a
candle. If you don't have candles or time to bake, pour a few drops of vanilla on an empty
cookie sheet and put it in the oven at 200-250F. It will make your house smell like warm cookies.
One of the most important things to keep in mind when considering any home improvement project is
to not go overboard. The value of your home is determined by the value of your neighbor’s homes, so
don’t make improvements that bring your home’s value significantly over the general value of
neighborhood homes. Over-improving is just like throwing money away.
For more information visit: http://www.realestate.com/advice/10-best-home-improvements
KL Home Solutions, LLC
Download