Any Realtor will tell you that if you are trying to sell your home, a little bit of updating can go a long way in helping you get top dollar for your home, especially in today’s tough housing market. However, some home improvements offer way more value than others.
Many Florida homeowners simply try to guess which improvements might be most profitable. Guessing wrong can be expensive.
Just because you pour $20,000 into your home doesn’t mean that your house is worth $20,000 more. Many homeowners spend on amenities such as phones in every bathroom or a decorative stone wall that are only peripheral to the value of the house.
Exactly how much you’ll recoup in costs depends on several factors, including the direction of the broader housing market, the value of the homes in your neighborhood, when you plan to sell the home and the nature of the project itself.
Here are five “sure-fire” improvements which can give you the most for your money.
#1: Get More Energy Efficient
Installing more energy efficient windows and doors can provide an outstanding return on investment, especially as buyers become more energy-conscious. For example, the Remodeling Cost vs. Value Report for 2011-2012 notes a 72.6% return on investment by replacing standard windows with energy-efficient vinyl windows (especially if you use matching trim).
You’ll also recoup part of your investment in increased energy savings while you’re actually living in the home.
#2: Update Your Kitchen
They say that the kitchen is the heart of the home, and great kitchens certainly attract buyers. You can typically expect to recoup 70% to 80% of your investment in added home value when you take the time to update one.
However, it’s a good idea to consult an interior designer or architect before you begin. Kitchens go in and out of style.
It’s best to target a timeless appeal if you’re not planning to sell for awhile. If you need to sell fast, a designer can help you tap into cutting edge trends.
#3: More Space is Always Helpful
Adding another bedroom or bathroom can be pricey, but people love additional space. You can expect to see a 65% to 75% return on your investment if you do this.
It just makes sense – anyone would expect to pay more for a 5 bedroom house than they would for a 4 bedroom house. Even an attic bedroom can make the difference.
#4 Add a Deck
Decks aren’t quite counted as an additional room, but they do add to the square footage of your home. They also offer a great deal of appeal as a gathering place for friends or family.
A good deck offers a great return on investment. On average, you’ll see 85% of your investment into the deck added back into the overall value of your home.
#5: Fix Real Problems
None of these repairs count for much if you’ve got a cracked foundation or a leaky roof. You’ll want to address these problems first, since they’re actively dragging the value of your home down.
Of course, some of the worst problems with the home can be caused by issues with your gutters, since they protect your roof, foundation, windows, and siding from water damage. Avoid costly home repairs by properly cleaning, maintaining, and repairing your gutters.
By following these five tips, you can add more value to your home and make it easier to sell!
Since 1975 we’ve helped homeowners in Wesley Chapel, Land O’Lakes, New Port Richey and the rest of the Tampa Bay Area protect the value of their homes by repairing and installing seamless gutters. Call us today for a free estimate!