What Can I Do to Add Value to My House?
Remodeling a home has the potential to add value, but there are some common misconceptions about what will actually add value to a home. Here we have provided the most common home improvements for the exterior of the house, and how they might affect the value of your home.
Adding Square Footage
Adding a bathroom or bedroom to a home will definitely raise its value, but often not as much as the installation cost. Adding a deck is usually the most cost effective way to add square-footage and value to your home. Improving the space in a home will usually increase or hold its value more so than adding space. If you have a basement or attic, make them more functional by converting those into a bedroom or family room.
Adding paint to both inside and outside exteriors is usually the most cost effective way to add value to your home. It’s easy, cheap (compared to other home improvement projects), and can add significant value to a house. When painting your home, make sure to use neutral colors; you don’t want a new paint job to deter a potential buyer due to stylistic differences.
First impressions are everything, so you want the “face” of your home to be beautiful, but don’t overdo it. Adding some plants, pouring new mulch, and keeping up the lawn mowing are easy and cost efficient ways that will give your home what every buyer is looking for – curb appeal. It’s easy to go overboard when it comes to landscaping so keep it simple. A $5,000 front yard fountain will not retain its value, and could turn off a buyer.
There is no doubt that pools are one of the enduring luxury items for a home, but if you’re adding one for value, don’t bother. Most real estate professionals agree that a swimming pool has little or no resale value; in fact, some home buyers spend thousands of dollars to fill in a pool after purchasing a property. The upkeep of a pool can be a deterrent to buyers as well as being a magnet for accidents that can lead to lawsuits.
If you are looking to add value to your home through home improvements make sure you don’t try to do too much. If your home’s value exceeds the market value of homes in the area by 15-20 percent, it could be looked at as being too pricy and push buyers to start looking at less expensive options. ‘Meet an Agent’ to help you decide what improvements are the most wanted in your neighborhood.