Remodeling Ideas that Increase Value

Any remodeling you under take is going to increase the value of your house. However, some improvements add very little value while others add a lot. Before starting any remodeling work it is best to do detailed planning about colors, materials, styles and costs. It is also important to keep in mind that if you add a lot of additional rooms or make radical changes, you may end up pricing your house way above the average selling price of homes in your area. This could make it difficult to sell your house, or in soft markets, it may not sell at all.

To avoid such pitfalls, let’s examine remodeling projects that give the highest return on investment. In the prevailing buyers’ market it is very important to raise the perceived value of your house either by raising your home’s curb appeal and/or increasing its value through smart, cost effective remodeling. The best way to figure out which way to go is to find your home’s current value by calling a real estate agent or by using one of the many websites that can show it instantly. If you are calling an agent you should also ask the prices at with remodeled houses of the same size as yours were sold in your neighborhood. The agent can also do a Comparable Market Analysis (CMA) to analyze the average value added for different types of remodeling. This will help you determine how much money to spend and what kinds of renovation projects to do.

Curb Appeal

The first thing buyers notice about your home is its exterior and since first impressions are very important, remodeling the exterior and landscaping gives one of the highest returns on investment. Look at your house from various angles on the outside and take pictures. Create a checklist of things that need fixing or replacing. Repainting the exterior, including the patio, immensely enhances your home’s curb appeal. Paint or replace the main door, mailbox and shutters. A lush green, weed free lawn with colorful flowers and plants amplifies the image of your home. Invest in professional landscaping if you don’t want to do it yourself. Replacing old light fixtures above the main door and near the garage are also recommended. A walkway lined with lights and a pressure washed driveway and exterior will give the house a new look. If the steps leading to your door have iron railings, give it a fresh coat of paint.

Kitchen

The kitchen is arguably the most important and most used room of any house, not only because it is where food is stored, prepared and consumed, but also because it tends to be the social hub of most family activities. If you have the budget, replace your appliances with ones that have a high Energy Star rating. Stainless steel appliances are hot these days. If you have an old sink consider replacing it and also replace the faucet along with it. Granite counter tops are very popular these days. Replace or repaint old or damaged cabinet doors. Redoing the kitchen floor with hardwood or tiles is also an option that may pay off. Consider adding can lights and drop lights above the island to make your kitchen look elegant.

Interior Paint

Do you still have original wallpaper in your kitchen or your children’s room? If so, this has got to go. In the early 90’s it was fashionable to have different colored or multi-colored wall paint in various rooms. Today, homeowners prefer neutralized wall colors that complement the flooring, appliances, drapes and furniture. If you already have neutralized colors decide if a fresh coat is required.

Bathrooms

Renovating a bathroom or adding a new one will definitely increase your home’s value. Aging baby boomers prefer having their master bedroom on the first floor. If yours is not on the first floor see if it’s possible to convert a powder room into a full bath, and if you have a spare bedroom close by, you may even want to consider attaching the remodeled bath to it. If you have the space and budget to add an extra bathroom, it would be a big plus. Changing faucets, shower heads and shower doors will also enhance the bathroom’s look and feel.

Adding a home office may payoff in urban areas since a lot of people are increasingly telecommuting or starting home-based businesses. Investing in finishing a basement, replacing windows and siding or adding additional rooms may only add value to houses in hot real estate markets. New flooring does not add any significant value to your home. However, replacing worn out carpet in high traffic areas is definitely a good thing.