Raleigh Realtors Homeowner Tip: Home Improvements That Pay Off
Posted by Kim Adamof on Mon, May 10, 2010 @ 09:19 AM
Raleigh Realtors talk to homeowners all the time about which home improvements to focus on for the "biggest bang for your buck." You'll want to choose home improvements that not only pay off in recovery of the money you spend, but also help you get a better price for your home when and if you sell it.
1. Kitchen Renovations. New flooring, cabinets, countertops and appliances can be costly, but buyers typically look for updated kitchens. You are likely to recover a large percentage of your kitchen renovation expenses on resale. If your basic kitchen plan is good, you may not need a major remodeling. Even a minor face-lift - painting, new floorcovering, new cabinet doors and hardware, for example - will pay off in a faster sale at a better price.
TIP: Best bets: light neutral colors, plenty of cabinet and counter space, new lighting fixtures, new energy-efficient appliances.
2. Bathroom Addition. Another bath is not only a convenience, it may sharply enhance the sale possibilities of your home. Two and three bathrooms are standard fare in many neighborhoods. Upgrading an existing bathroom is likely to pay off in both value and marketability, especially in an older home.
TIP: Opt for good lighting, large mirrors, easily cleaned materials, plenty of storage space, neutral color. Consider location and accessibility of an addition.
3. Room Addition. Adding a new room is likely to pay off if the addition puts your home in the same class as others in yor neighborhood. Family rooms, sun rooms and master bedroom suites are hot items now - and the extra space may be just what your family needs.
TIP: Choose materials and style to blend with the existing home; consider traffic flow, accessibility to other rooms.
4. Deck or Pato Addition. Decks make a home a home homier - as a gathering place to extend family life outdoors - for Saturday barbeques, Sunday brunches, mid-day respites. Best paybacks: decks or patios off living areas (kitchen, family room, dining room), decks with a view or overlooking your own well-kept garden.
TIP: Build deck of redwood, cedar or pressure-treated wood; design deck or patio to harmonize with the architecture of the home; consider a low-level deck for children's safety.
5. Energy Efficiency Improvement. The major savings of improved energy efficiency will be in your fuel bills, but your energy-saving home will also likely pay off when you sell. If existing windows are drafty or unsightly, consider replacing with insultated windows for heating/cooling efficiency and resale value.
TIP: Minor energy upgrades are real winners: caulking and weatherstripping around doors and windows, attic insultation, set-back thermostat, ceiling fans for air circulation, good maintenane of heating/cooling system, a whole-house electrical surge-suppressor to maintain appliance efficiency and protect electronic equipment. Many are do-it-yourself projects, which - if done correctly - bring the best payback.
If you would like to find out what your home is worth, contact us.