Adding Value To A Home – Tips Top 5 Best Improvements How To Increase Home Value

Adding Value To A Home-R

Whether you are planning on selling your home now, or in the future, one thing that will be on your mind is the value of the home. People want to improve the value of their homes for a couple of reasons. One reason for adding value to a home, is because you are planning on selling your home soon, and you want to be able to charge as much money for the home as possible, so that you can make a profit on your home. A second reason for adding value to a home is because you want to build up the home’s equity value. Having a nice equity value in the home is very helpful if you want to sell in the future, or if you decide to borrow money against the value of the home.

To this end, many people will spend money to add additions, or to make improvements on the home. They might spend nice sums of money thinking that it will mean that their home will sell faster, or that these things will go a long way for adding to a home of theirs. While it’s true that many additions to the home will add value, some things won’t do that much to add value.

Repair Before You Remodel:

You can’t expect a potential buyer to shell out your asking price, base in part on that brand new gourmet kitchen with the whisper-quiet dishwasher, if you’ve never updated the insufficient electrical service to your home. Any competent home inspector will tell your prospective buyer that this impressive new appliance is tripping circuit breakers every time you run it.

Homeowners often ignore routine maintenance and repairs because they feel safe and secure in their own homes. But, it’s really a false sense of safety. No one is going to warn you when something in your home is about to go wrong. If you’ve owned your home for five years or more, you might want to consider hiring a home inspector to do an inspection to uncover any potential problems that might decrease the value of your home at resale.  Learn the top 10 most common house problems

Top 5 Home Improvements That Can Dramatically Transform In Adding Value To A Home:

1. Kitchen Remodel

The kitchen is the most frequently remodeled room and the first place a potential buyer looks to determine whether a home has been consistently cared for. The kitchen is also one room where you can add a lot of value to your home through improvements. According to remodeling magazine, the average midrange kitchen remodel costs $43,804. The resale value of that remodel is $33,101, an average return of 75 percent. That number improves dramatically when you ramp up the project to include cherry cabinets and the latest build-in appliances.

Top-of-the-line kitchen remodel costs $68,962, but recoups $56,711, an excellent return of 80 percent ROI. The return is much better for the upscale kitchen with high-end features such as granite countertops and hardwood cabinets are now considered “must-haves” in upper-tier homes.

5 Key Areas Of Your Kitchen Improvements To Help Increase The Overall Value Of Your Home:

1. Install new cabinets

2. Install new countertops

3. Replace outdated appliances

4. Install new flooring

5. Painting and update your lighting

People remodel their homes for all kinds of reasons: to increase value, to add more space, and to improve traffic flow. But when it comes to kitchens, there is another reason why many folks remodel, to impress their parents, friends, and neighbors. Kitchens are status symbols.

2. Bathroom Remodel

A remodeled bathroom or bathroom addition has the most potential to increase the value of your home of all the interior home improvements.

When buyers come calling at resale, they will especially delight in a bathroom that not only is good looking and functional, but also captures their imagination. What gets a buyer’s attention? It might be as small as a built-in and lighted cosmetic/shaving mirror or as grand as a granite pedestal sink with sleek gold-plated faucets.

According to Remodeling magazine, the average midrange bathroom remodel costs $10,088. The resale value of that remodel is $9107, an average return of 90 percent. The average top-of-the-line bathroom remodel costs $23,544, but recoups $21,627, a terrific return of 92 percent ROI.

5 Key Areas Of Your Bathroom Improvements To Help Increase The Overall Value Of Your Home:

1. Install new countertops

2. Replace the sink and faucet

3. Install a new shower and/or tub

4. Install new flooring

5. Update the lighting

3. Flooring Improvement

Is the carpet in your home bright orange or lime green and happen to have a shag appearance? If it does, then it’s time to throw it out! If it’s been several years since any of the flooring in your home has been replaced, there’s a good chance that it may need it now. Installing new flooring can do absolute wonders for most any home.

Almost all homes have at least one of the four most common types of flooring used in houses today – carpet, vinyl, ceramic tile, and hardwood. Each type offers its own unique set of advantages and disadvantages. They include cost, durability, and the ease of cleaning maintenance.

Typically, out of the four types of flooring listed, carpet tends to be the least expensive. The trend in recent years has been to use carpet of primarily neutral colors, such as earth tones, that are much shorter in length than that old shag carpets were. Depending on the style and quality of carpet used, as well as how much foot traffic it must endure, carpet will usually last about 10 years or so. Of the four types of flooring, carpet is the most difficult to clean because any kind of spilled liquid will be almost immediately absorbed by its fibers. Carpet is most often used in areas such as the family room and bedrooms.

Of the four types of flooring, hardwood is generally the most expensive. Price will vary by the type of thickness of the wood. Oak is the most commonly used, in part because it is a less expensive hardwood than other types, but also because of its strength and durability. Almost all pre-cut hardwood floor planks are treated with a protective polyurethane coating that helps them to resist damage and staining from spills.

The impact value of installing new flooring is strong because the cost of doing so, although somewhat expensive, can result in a significantly positive impact in the appearance of your home.

A Word Of Caution. Don’t make over the top flooring improvement, be sure not to overspend by too wide of a margin on flooring relative to the rest of the houses in the your neighborhood. It’s certainly okay to upgrade a little, just don’t get carried away. The average return on flooring improvement is between 70 to 85 percent ROI.

4. General Exterior And Interior Painting

One of the most cost effective ways you can improve the appearance of a house is by giving it a fresh coat of paint. Although painting a house is somewhat labor intensive, if you want to save money, it’s a job that just about anyone can do. On the other hand, if you prefer not to paint or don’t have the time, the work can be hired out fairly inexpensively. I suggest you take the time to shop around, though, because labor prices vary widely.

The primary advantages of painting a house are that it doesn’t cost very much, paint is easy to apply, and usually the work can be done in less than a week. A fresh coat of paint can transform a house from being the ugly duckling on the street to being the most beautiful swan. One of the most important decisions you’ll need to make when painting your house is the selection of the colors.

The impact value of painting your home improvement is strong because paint can do a great deal to improve the appearance of a house at a relatively low cost. The average return on exterior and interior painting is between 75 to 100 percent ROI.

5. Landscape and Hardscape Improvement

Landscaping should be designed to enhance the appearance of a house, not the other way around. If too many trees are used in the front yard, for example, the view of a house can be obstructed. Furthermore, a house can take on an eerie appearance created by overgrown trees and bushes that block the light of the sun and give a shady, dark appearance.

Landscape Appeal – nothing adds to the curb appeal of your home quite like attractive landscaping. The variety of plants available to homeowners today is staggering. The key to making a wise investment is to spend time researching the plants that are appropriate for your climate sun and soil conditions. Select plants that look healthy. Avoid buying any plant with yellow or drooping foliage.

One of the quickest ways to improve your home’s outward appearance and therefore its value is to spread new mulch around your bushes. It makes the rest of your landscaping look brand new. Mulch has become a much more popular choice, particularly double-ground pine bark.

Hardscape Appeal – today many professionally designed landscaping projects begin around $3,500 and can quickly go up to $10,000 or more. Homeowners are anxious to update their “hardscapes” to compliment their landscapes, such as brick pathways, decks, porches, and patios. Homeowners are tearing out their old concrete, asphalt sidewalks, driveways and replacing them with colorful pavers, complete with “soldier courses” flanking the outer edges, giving the old fashioned appearance much like cobblestone.

The impact value of landscaping improvements is high because making this type of improvement has the ability to greatly improve the appearance of a home. The average return on landscaping is about 60 to 75 percent ROI.

Recoup Your Remodeling Costs:  “Cost Vs Value”

Many factors influence the value of your home, so it helps to consider them when you’re trying to figure out how much an improvement will cost and which projects will actually pay off the biggest dividends at resale. These variables include: The cost of materials and labor. Traditionally, the most expensive remodeling markets are those in which the home prices have dramatically escalated.

The asking price, actual selling price, and length of time on the market of homes in your neighborhood. These three factors help determine the value of your home. They are the foundation of a real estate agent’s “comparative market analysis,” or CMA. A CMA helps you determine how to price your property if you want to sell it in one month, 90 days, six months, or a year. By comparing current market prices on properties similar to yours, properties that sold within a particular time frame, and properties that never sold, a real estate agent can tell you how long your home will need to stay on the market to get your asking price.

The types of homes and/or the features in those homes that are selling well. If you live in a neighborhood of upscale executive ranches with three bathrooms each and your house is a cape with only one-and-a-half baths, you might have trouble recouping your home improvement investments-although adding another full bath might certainly help. If you’re unfamiliar with the features of the homes in your neighborhood, you can get a good idea by attending some open houses in your area.

The kinds of remodeling projects completed by your neighbors. During those open houses (or when chatting with your neighbors), ask lots of questions about what kinds of remodeling work your neighbors have done and whether they were do-it-yourself projects or professional remodels.

All these variables help you determine in adding value to a home. If you find that your home is below, or equal to, comparable homes in your neighborhood and town, you might decide to just plow ahead with your home improvement project. If your house is at the top end in your neighborhood, you might want to give it more thought. If you are planning to stay in your home forever, the fact that your home improvement project might overprice your house for your neighborhood is not a top concern.

Los Angeles Appraiser – Property Appraisal Specialists | See List Of Real Estate Appraisal Services

Check Out Related Topics:

Home Fair Market Value – The Difference Between Fair Market Value Vs Appraised Value

How Much Is My House Worth ? Tips Determining Your Home Value

Adding On To Your Home – Helpful Guide Before Making Any Home Additions

Home Improvements Value
– Practical Advice Before Spending Your Hard Earn Money

Best Home Improvements – Learn Some Tips For Best & Worst Home Improvements

Return On Home Improvements – Learn 4 Types Of Home Improvements To Help Maximize Your Return

Top 10 Most Common Home Problems – That Will Decrease Your Property Value

See resource for Free House Value Estimator

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