From Engineering on May 08, 2008 in General
A clear understanding of what upgrades will add the most value to a property will not only help you invest wisely in your home, but will also help you to make an informed decision when first purchasing. Take a gander at the following value adding pointers.
First impressions are huge, and the exterior of the building is very important. If a home needs new windows, siding, a new roof, and the yard is out of control, it wont matter if the inside is lined with gold. You probably wont get half of the potential buyers to even walk through the door.
As discussed in more detail in Top 15 Remodeling Upgrades, a conservative kitchen remodel will bring an approximate 98.5 percent of return on investment at resale. A major renovation will bring somewhere around 91 percent. Considered perhaps the most important room in the house, it is probably worth your while to at least dress it up a bit.
The same article places a minor bathroom remodel at a 102 percent return. A more extensive remodel comes in at 93.2 percent. I think all of us can agree about the importance of a clean, updated bathroom. It can potentially be one of the germiest rooms in a home. When you buy a used home, you want to inherit a bathroom that is as new and clean as possible.
It doesnt hurt to throw in a few easy upgrades. These wont necessarily bring in the big bucks, but just a little effort can help a lot. Painting is a quick and inexpensive way to freshen-up your home. Pressure washing both the exterior of your home and your driveways and walkways will surprise you what your house actually looks like beneath the dirt. Add some decorative molding. What better way to set off paint colors, or to make your walls and windows stand out than with some attractive molding. Add some shutters or other decorative touches. Build a window planter or plant some hanging pots with colorful flowers. It seems minimal, but flowers can do a lot to dress-up a home.
Although many of us remodel for our own comfort and enjoyment in our homes, we like to add value that will increase our equity at the same time. As with any remodel, make an informed decision ahead of time that takes into consideration market conditions, demographic information, and the national economic picture as a whole. Then, evaluate which estimate you should choose from a pre-screened contractor in your area.