If you think your home needs a few updates before putting it on the market or you just want to make sure your improvements are a good investment, consider the following advise on upgrades.
Upgrades that Add Value
Kitchens:Today people are looking for larger kitchens with new appliances, quality counter-tops, and an open feel. A kitchen update is a great investment, just be sure to stick to the basics. Focus on new cabinets, sink, counter-tops, and flooring. Also add updated, quality appliances. Keep in mind that custom tile work and built in cappuccino makers may be a great luxury but when you sell it won’t make much difference to the price.
Bathrooms:Updating a bathroom is another great idea. Buyers are often turned off by dated bathrooms. Freshen yours up with a new tub & shower, new vanity, and new flooring. Adding a second bathroom to your home can make a huge difference as there is nothing more essential to a family’s comfort.
Master Bedrooms: Master bedrooms have become a very sought after feature. If yours is ho-hum, try enlarging it, adding a bath, or a walk-in closet.
Decks & Patios: Outdoor living spaces can be a relatively inexpensive way to improve your home. Decks & Patios that are large enough for the family and entertaining are a big plus.
Renovating a Basement or Bonus Room: If you have an extra room above the garage or a large basement serving as storage space only, consider turning it into additional living space. If done properly it will be an excellent improvement. Just make sure you invest a reasonable amount of money into the project so that it doesn’t appear to be just an old basement posing as a family room.
Curb Appeal- A little updating on the exterior of your home can greatly enhance it’s appeal . Fresh exterior paint, a green manicured lawn, and nice landscaping will draw a buyer to your home. The outside of the home is the first thing a buyer will see when they drive by or see your ad. Keep in mind that elaborate and expensive landscaping will generally not add value.
Home Improvements that may not add Value
Custom Design-You may have always dreamed of a wine cellar, or a built in 300 ft aquarium, but a future home buyer may not be interested. Try to think of improvements that are universally appealing and useful.
Fancy Technology-While having a home movie theatre, or hi-fi stereo system running through the entire house, may be very enjoyable, these items tend to become out-dated very quickly.
Swimming Pools- Swimming pools rarely add value to a home and in some cases they can actually decrease the value of your home. This is because home buyers only see the maintenance cost and liability of owning them.
What is most important to consider when deciding on what home improvements to make is the neighborhood in which you live. What is standard for where you live? You may live in a very high end community where everyone has a pool and custom work galore. In these cases its OK to splurge. However, if you’re in an average home try to stick to the basics. If you’ve gone over board in a neighborhood of lesser quality homes you will not get a return on your investment.
