Real Estate Library

Best Value In Home Improvements

Category: Construction/Remodeling

Some remodeling jobs add value to your home; some actually decrease the marketability. Which are the most cost effective in terms of return on investment when you sell your property? According the the National Association of Home Builders, improvements that yield the highest return are:   Minor kitchen remodel Bathroom addition Major kitchen remodel Master suite conversion Family room addition Attic bedroom conversion Bathroom remodel Exterior remodel Deck addition Sun space addition Home office addition 104% 98% 95% 91% 88% 84% 82% 75% 72% 67% 59% Kitchen remodeling can really pay off! In planning your remodeling project, just remember that the above figures may not apply to your particular job. Don't go overboard with gold plated faucets if you expect to recoup 98% of the cost of your new bathroom. Conversely, don't expect a yield as high as 98% if you install a fiberglass tub surround and the least expensive fixtures you can find. Family rooms and home office projects in basements are far less appealing than those built above ground. The most common improvement that actually detracts from a property's marketability and value is a swimming pool. Many potential buyers look at a pool and see nothing but expense of upkeep and danger to small children. In fact, some buyers who would otherwise love your home won't even look at a property with a pool. Their reaction: "It would cost too much to fill it in and landscape the area!" When you get ready to sell your home, be realistic about the desirability of the improvements you have made. Sometimes a minor face lift is all that is needed for increased marketability and a faster sale, but not necessarily a higher price. If you are in doubt, have a professional appraisal or consult your REALTOR® for an honest opinion.