A Homeowner’s Guide
Recently, I posted an article on Facebook and Twitter about home improvements and how they effect your property value. Check it out at yahoo.com.
Sometime ago I found an article similar to the one on yahoo but much more indepth. I thought I’d share some highlights with you and give you a good idea for how you can choose improvements that will result in a higher sales price down the road.
Home Improvements as Smart Investments
The following information is from a national real estate marketing publication. It should be used only as a general guide to ranking the importance of these improvements. Many factors will affect the appraiser’s opinion of these improvements including, location, value range of home, market trends, age of home and quality of improvement.
Profitable Investments
After the first year, major home improvement projects return 86% of their investment. These projects range in complexity and cost. Typical types of remodeling and renovation projects include:
Major Renovations
Adding or upgrading bathrooms, kitchens, or other additions; installing new decks or patios; or finishing basements or attics.
Repair Work
Roof repairs, health and safety repairs, and termite damage repair.
Energy-Efficient Improvements
Installation of energy-efficient heating, cooling, electrical, or plumbing systems, and related energy-saving appliances.
Improvements for Accessibility to a Disabled Person
Remodeling kitchens and baths for wheelchair access, lowering kitchen cabinets, installing wider doors, and exterior ramps.
Percentage of your Investment that is Recouped at Resale
Remodeled Kitchen – 150%
A kitchen update can reward a seller with a sizable payback. Just remember though; splurging on fancy finishing materials or sophisticated equipment may cut into your profit. Keep it simple.
Revitalized Lawn and Garden – 100%
A verdant lawn and a modest but colorful flowerbed will entice potential buyers. The few hundred dollars invested may yield several thousands in profit.
Fireplace – 100%
Especially if it is energy efficient, such as a gas-powered model, a fireplace holds the promise of cozy family gatherings around the warmth of the hearth.
Second Bath – 90%
All it takes is a simple 5×9 foot extra bath to make mornings more civilized for most families. But don’t count on a return on extras like a heat lamp or whirlpool tub.
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Don’t forget! If you’re looking to do a home improvement, we can help!
“Just Shea When”