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Remodeling Projects That Add Value
By David Maillie
Have you been wanting to add a room, turn a closet into a bathroom,
revamp and modernize your kitchen, replace appliances, or retile the
floor? Remodeling projects can really add to the usefulness and
space of your home, but some will add more (and in some cases a lot
more) value to your home. Here is what some of the best real estate
experts are recommending:
1) Keep within the bounds of your neighborhood - a $50,000 home
theatre is neat to have, but if you live in a $100K-$200K
neighborhood this will not add much to your resale value or can make
it very hard to sell for what you want. You would be out pacing and
outpricing your neighborhood. If you are going to stay in your house
for ever this is fine (you can do whatever you like then). Look at
what your neighbors have or are doing and look at recent sales
prices and trends for your neighborhood. A good, seasoned, local
realtor can be a big help here. They know what adds value and will
help sell for top dollar.
2) Kitchens and bathrooms are key! In every area of the country
these remodeling projects are the best at recouping their cost and
actually adding to the resale value of your house. Average return on
investment 100 - 105%. Energy efficient appliances, stainless steel,
new countertops, new sink, paint, flooring, crown molding will do
wonders for the kitchen. Only go for granite if some of your
neighboring houses have it, else you are again out pricing your
house. New fixtures, tub, double instead of single sink, recessed
lighting, flooring and paint for the bathroom will catch a buyers
eye - less they will have to do to make it home. Tip - when painting
go with neutral tones and, if possible, use a expert for tips on
colors.
3) Decks, fences, bathroom addition (not remodel). Average return on
investment 80 - 90%. These projects can be costly when comparing
cost versus value, but recoup enough and add functionality so they
are still good ideas. Be sure to use experts for any addition
projects as you may have code issues and zoning requirements an
expert is better able to meet.
4) Home office, screened porches, refurbished basement, attic
bedroom, home office. These projects are a little lower on the
average return on investment, 70 - 85%, but they should not be
overlooked as they can make your house sell quicker. A screened
porch is a must in some neighborhoods and many buyers have now come
to desire or even require a home office as current trends show an
increase in home offices and the self employed. Also, a home office
may be partially tax deductible. Again, the rule is stick with
tradition, look at your local furniture stores to see what people
like their rooms to look like. Large furniture manufacturers spend
millions to find what people want in home offices and such and place
their furniture and room settings with this in mind. Don't go to
modern or try something unique, tradition sells. The more unique you
make your home the harder it will be to sell it.
5) Game rooms, saunas, pools, bars, upgraded windows, etc... These
are projects that are good if you are planning on staying in the
home for a long time and don't care too much about resale value.
These projects generally have much lower resale values and will only
result in a loss of money. Again, it is best to ask a local realtor
what works and what does not.
There you have it - what works and what does not. Keep in mind there
are some communities where the norm can be different and it is
always best to consult an expert for their opinion. Besides it is
free to consult the best experts - real estate professionals.
David Maillie is a chemist with over 12 years experience in
biochemical research and clynical analysis. He is an alumni of
Cornell University and specializes in biochemical synthesis for
public, private, and governmental interests. He holds numerous
patents including his recently awarded patent for headlight cleaner
and restorer. He can be reached at M.D. Wholesale: http://www.mdwholesale.com
or by visiting http://www.bestskinpeel.com
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