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The Value of Home Improvements
By Susan M. Keenan
 Before making any major home improvements there are three main things to consider. Do you want to increase the worth of your home, increase the ease with which to sell your home, or increase your personal satisfaction and comfort with your home?
A home at its market value, what the home will sell for on the current market, fluctuates with each new improvement, the demographics of the neighborhood, and the passage of time. Earning your investment back is going to depend on several factors- the value of neighboring homes, the direction the current market is going, the nature of the project, and the time frame that you plan to wait before you sell.
When making home improvements, it is important that you consider whether the remodeling project has mass appeal or individual appeal. Add practical value to the home and the lives of the people who will be living there by improving the quality of the doors, windows, plumbing, and other basic features. Increase the energy efficiency of the home by reducing drafts, air loss, and reducing condensation in the winter and summer months. |
An outdoor face-lift always makes a nice impression on prospective buyers. Remember that practical improvements such as replacing old windows with basic new windows, replacing a roof or old gutters will be a better investment than spending on luxury items such as an in-ground pool or hot-tub.
Adding additional space by remodeling the attic into a loft or an extra bedroom, finishing the basement or finishing a portion of a large garage for a workshop, adding an extra bathroom in the basement, adding a family room, a sunroom, or building an outside deck is a good investment practice.
The resale value of a home involves the ease with which the home will sell. For resale purposes, the home’s value should be similar to the other homes in the neighborhood. To be competitive with a slight edge, the home should have slightly better upgrades, but not so much as to put it out of the market.
Give yourself plenty of time before implementing any major improvement for purely personal value. Is the improvement or change something that most people will find appealing? Look at it from every possible angle to make sure that the changes that you are considering will accomplish your goal. | | |
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