It’s almost New Year’s Resolution time and as you’re considering the ways you can improve yourself you may also be thinking of a home improvement budget for the coming year. Home improvements can add significant value to your house – if you plan and choose carefully. A swimming pool might be lots of fun and a great idea for your family, but prospective home buyers may not want the expensive upkeep or additional liability of having a pool in the backyard.
Many factors determine what the ultimate return will be on any home improvements you make, but there are a some generally accepted investments you can make that will give you the most bang for your buck.
- Interior systems such as wiring, plumbing, A/C, heating, roofing. Buyers want to know a house has been well-maintained. Outdoors adding a sprinkler system (or repairing a broken one) or adding a deck will add value.
- Paint and/or replace windows, siding, garage doors, and front door with updated styles, colors and energy-efficient versions to increase resale value but also so as to not decrease your homes value.
- Add additional space, whether converting existing space such as an attic to a bedroom, another bathroom (even a half-bath), more storage or a whole new addition and you can expect to recoup between 2/3 and 3/4 of the cost of the improvements.
- Kitchen improvements will add value to home. Whether you choose to remodel the whole kitchen or start with paint and cabinet hardware, a kitchen update is a wise investment.
When deciding which improvements will be best for your family and budget keep your neighborhood in mind and keep the feel within the house uniform. An ultra modern kitchen may be sleek and beautiful but if the rest of your house is traditional colonial, it will seem out of place.