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The classic way for homeowners to
increase the value of their
house is by remodeling existing rooms or adding on to its
current plan.
Some choose to build recreation rooms and studies while
others
add new appliances, fixtures and cabinets to enliven rooms
and
make their home more attractive to future buyers.
But, when should you decide to stop sinking money into a
home
and buy a bigger place? And how much rehab is too much
when it
comes time to recovering remodeling costs through a home sale.
For instance, if you’ve just spent $1,000 remodeling
your
living room and didn’t expand your small bathroom, the
chances
of increasing the number of interested buyers are slim.
With these concerns in mind, I offer a few tips for
those
struggling to add value to their home.
First, always protect the character of your home. Nothing
sticks out more than a new addition that is in a
completely
different architectural style. Be consistent.
Recognize
your home’s character and stay within its framework.
The most financially rewarding areas to remodel are usually
the
kitchen and bath. Newly re-done cooking spaces and
cabinets
can attract more buyers and may command a slightly higher
price
for the home than a comparable one on the market.
Simple
repairs that are made to last will bring you the biggest
returns upon sale.
Enlarged bathrooms are the most popular attraction for new
home
buyers, according to the National Kitchen and Bath
Association.
Today, the most popular additions for younger buyers are
sunken
whirlpool baths and showers. But be sure to install
modest,
solid amenities. It’s easy to quickly over-spend on
bathroom
fixtures.
Buyers are, by convention, more interested in above-ground
living space – not basements, yards and walkways.
Swimming
pools can be a poor investment if installed for the sole
purpose of increasing a home’s value; it’s rare that a pool’s
cost will be recovered in a home sale. It can also be
a
negative feature for potential buyers with very young
children.
Replacing worn carpeting, tiles and wood floors can give
your
home an immediate advantage over similar properties in the
area.
Updating paint colors in all areas of your home can also
prove
beneficial.
However, it’s recommended that you use neutral colors,
such
as gray, beige and off-white when adding new floor and
wall
coverings. Fewer buyers will then turn away because
of
differing tastes.
Stay simple with your remodeling and look at your home as
though you were the buyer. Chances are that if you find
the
upstairs bedroom could be brightened by a larger window,
potential buyers will probably feel the same.
Don’t go overboard. Concentrate on improving two or
three
deficiencies in your home. More than likely, the time
and
money you spend adding quality to your home will be
rewarded
with greater profit at selling time.
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