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Posted on October 24, 2009 by Lily Jones | Posted under Home Improvement
Improve Your Property Value: Home Improvements that Pay
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Painting Now time and again, repainting proves to be the most basic and bankable of fix ups. There is almost nothing that a coat of paint won’t fix, at least if you plan to sell within a year or two. Now people don’t like buying other people’s problems and a coat of paint can cover a lot of problems. According to the National Association of Realtors, professionally painting the exterior of a house costs an average of $4,000 to $5,000 and recoups 81% of its cost. And so a clean, neat, fresh coat of paint will help sell the property. In the short term, changing floors, cabinetry, fixtures, and sinks only counts if your house is functionally outdated. Most of the time, you are better off fixing the cracks on the front step and painting the front door. Again, it’s the visual things. Kitchens Even a few basic improvements to your kitchen can pay handsome dividends. For most buyers, the kitchen is the heart of the house. Paint, wallpaper, even re-floor the room if necessary. Consider sanding, staining or painting dingy looking cabinets. Replace old cabinet’s hardware with a low-cost and attractive new style. These improvements make a huge difference in the appearance. According to a recent survey done by Remodeling Magazine, the average spent on a major kitchen remodeling in the US was about $21,000. Refurbishing an outdated one averaged about $8,500. The all out kitchen makeover nationally recouped 90% of its cost. The more moderate overhaul was valued at 94%, so that is a good use of your money. Creating New Space As a rule, improvements that increase the functional space of a home hold their value longer than ones those that just make the house function better. Converting an attic into a bedroom suite, for example, usually costs about $22,000 but returns about 84% of the cost at resale time, even five years later. Waterproofing a basement for storage, a job that costs about $3,000, recoups more than 100% of its cost when the house goes on the market. An Extra Bathroom Again according to Remodeling Magazine, adding an extra bathroom with all of the trimmings: say a marble vanity top, molded sink, bathtub with a shower and ceramic tile; all but pays for itself. An average cost of $11,000 recoups about 89% of its cost. A second bath adds more value than a third, particularly if there is natural light. Redwood Decks Installing a redwood deck may be the most cost efficient way to add square footage to your house. Of all of the outdoor home improvements, except for painting, it may be the most reliable value. Decks average $4,000 to $7,000 and generally recoup about half of the value. Now this may not sound like much, but other outdoor improvements are even worse. New Windows Even energy efficient windows and doors are sluggish performers. According to data from the National Association of Realtors, an $8,000 to $12,000 investment in windows and doors will return only about 36% – 53% of its cost while $1,280 worth of caulking and insulation recoup about 71%. So if your windows are old and leaky, by all means replace them. The savings on your utility bill might make up for the spotty resale value. Now a good window arrangement, as long as they are standard size, will make money back. As soon as you get into customizing with fancy shapes, bays and bows that you can’t see from the street, you are throwing money down the drain. Lower-priced, standard, double-hung windows that are about $200 each are usually the best bet. Swimming Pools It’s commonly agreed that a swimming pool has absolutely no resell value at all. The main reason repel more buyers than they attract is for that they require expensive upkeep. Running a close second is the fear of liability. Pool accidents are a quick way to end the subject of negligent lawsuit. Manicured Gardens Fancy gardens that require time and money to tend usually won’t add to the offering price. Landscaping is for your own enjoyment. It may be a $40,000 investment, but there is no way it is going to add $40,000 to the value of the house. The same goes for expensive fences and stone walls. They look nice, but buyers don’t pay for them. Basic Improvements Unfortunately the worst performing home improvements as far as resale value is concerned are the invisible ones that have the most value for the home owner. Adding new plumbing, a Radon mitigation system, or a new septic tank just doesn’t come back to the bottom line. So if it ain’t broke, don’t fix it. About The Author: This is an excerpt from a course entitled “Cash at Closing Success”. Visit www.epicforeclosureinvesting.com to gain full access to this report and other fabulous information! It's Epic! |
Tags: FORECLOSURES, REAL ESTATE, BUILD EQUITY, MAKE MONEY, WORK FROM HOME, HOME IMPROVEMENT, GOOD INVESTMENTS
