What types of home remodeling pay off?
Homeowners are often shocked to realize that many home improvements do not raise their property value dollar for dollar. It is important to understand that the outcome of your home remodel on home value depends upon what type of home improvement you do and how much money you spend. So before you plan that home remodel it is important to understand the effect it will have on the value of your home. Here are some of the most common home remodels and the value you can expect for your dollars spent-
- Landscaping-Creating a beautiful garden can literally become a money pit. If you choose to spend money on expensive shrubs for screening, mature trees, waterfalls and rock gardens you may have the most beautiful garden in the neighborhood but do not expect to get resale value that is dollar for dollar with what you spent. Experts state the value of your home will not increase exponentially with what you spent but it can make your yard more attractive and appealing if your landscape fits in with your neighborhood. The bottom line is to consider whether a potential buyer for your home is looking for a spacious outdoor escape or somewhere to put the swing set and sandbox before you spend the big bucks creating your own Garden of Eden.
- Bathrooms-This can be the big payoff in home remodels. Bathrooms typically will increase the value of your home just about dollar for dollar. Most homeowners today are looking for multiple bathrooms that have the most up-to-date fixturing possible. Just keep in mind that it is never a good idea to get rid of a bedroom to add a bathroom-this can seriously detract from the value of your home.
- Cosmetic add on-These types of remodels include things like putting expensive tile in your foyer or adding solid-gold fixtures into your bathrooms. While these things can be nice do not expect them to increase the value of your home based on what you paid for them. In addition home owners need to be wary of "over improving" their homes since this tends to put buyers off. While cosmetic remodels can improve the quality of your life within your home just be realistic about how much value they will add to your home's bottom line. It is important to remember that the home remodels that pay off the most are those that add square footage to your home or improve the quality of the existing square footage in a measurable way.
- Exterior painting-Surprisingly exterior painting (and other home finishes) can add substantial value to your home. If you are choosing to update the exterior of your home by painting or redoing stucco you may be able to recover the cost in the increased value of your home. Keep in mind though that new windows generally do not add to the value of your home unless the existing ones are in poor condition. Refreshing existing windows is often a more cost efficient solution than the outright replacement of the windows.
- Kitchens-This is another place that many homeowners can up the value of their home through a careful remodel. Most prospective buyers will be greatly interested in the condition of the kitchen and expect to see high grade appliances and finishes. Yet design experts recommend not over remodeling the kitchen if you are hoping to get all of the value for your dollar spent. Many buyers will want good appliances but not particularly care if they are top of the line gourmet appliances. And as with any remodel it is important to consider a wide range of taste and keep your remodel from reflecting a narrow point of view that can turn off many potential buyers.
Like this article? Then Digg It
or
add it to your Del.icio.us Bookmarks!
Tags: home remodeling home remodeling types of home remodeling best types of home remodeling
