Determining the things that add value to your property can sometimes be vexing. You can spend a lot of money on improvements thinking they’ll add value to your home, but it won’t matter if the appraiser doesn’t agree.
So how do you know which things add value?
Jamie Chapman, a director of solution consulting at Quicken Loans, was kind enough to record the handy video above. In it, she says that home improvements don’t necessarily have to be big-ticket items. They can be something as simple as improving your curb appeal by adding a new front door.
She also talks about the fact that replacing your 15-year-old HVAC system with a new Climatron 2400™ (patent pending) may not necessarily add to your property value. Why not? Why wouldn’t the very latest in heating and cooling technology offer you a good return on your investment?
Unfortunately, replacing your aging HVAC system with something like the Climatron 2400™ is a basic cost of keeping up your home and doesn’t add to its value. This doesn’t mean you shouldn’t do it; the new system will make your home more comfortable for you to live in. It will also make your home more move-in ready if you decide to sell.
Chapman also discusses the importance of fitting in with the neighborhood. You should pay attention to what your neighbors are doing to their houses, and you should keep up with the Joneses but not try to outspend them. You know, the Joneses get a lot of attention, but it’s just as important to watch the Smiths and McGillicuddys
Read more at http://www.quickenloans.com/blog/home-improvements-that-add-to-your-property-value#UqtkS2HhbzPfztql.99
Here are some quick tips on projects that will boost your property value….and some projects that simply aren’t worth it:
Do: Upgrade your kitchen!
– But where to start? A couple of givens include upgrading to stainless steel appliances and installing countertops made from engineered stone or granite, because these fairly easy changes will improve the aesthetic appeal of the space. Details can also make a difference, like putting shiny knobs on cabinets and purchasing a sparkling new faucet for the sink.
Do: Spruce up the Bathroom(s)!
-A toilet that looks old, cracked or dirty (or doesn’t flush properly) is a turn-off—and the same goes for a vanity, which should be eye-catching and practical
-Proper lighting can also be a great value booster, such as adding a window in the bathroom, so natural light can illuminate the space
-There’s one other more simple fix that homeowners tend to overlook: Reglazing a tub, rather than getting a new one, will save you money and upgrade the look of your bathroom
Do: Go Greener!
-Making your home more energy efficient is a plus—anything that helps keep heat in during the colder months and out during the warmer months will help.
-The changes can be small, such as adding storm doors or a ceiling fan in each room. Or they can be large, like double- or triple-paning your windows
Do: Invest in a Sprinkler System!
-Many homeowners don’t want to be bothered with maintaining a stunning, landscaped garden, so planting tons of tress, bushes or flowers isn’t necessarily going to elevate your home’s value. But everyone wants green grass, so adding a sprinkler system that automatically turns on and off is a good investment because it allows a buyer to keep a lawn looking good without much work
Do: Install Built-In Speakers!
-High-tech homes stand out … and will impress buyers. Your best bet is to centrally wire a sound system in your home, and put a speaker in every room, so you can control music from anywhere in the house with one remote. Install surround sound in the den or living room (basically wherever you watch TV), which makes watching movies or sporting events more exciting.
Don’t: Put in a Pool!
You may think that a beautiful backyard pool will make buyers flock to your home, but many families don’t want to deal with the maintenance or the liability of an accidental drowning. Leave that decision to the buyer, instead, maybe spruce up the lawn and make sure the landscaping is good and the grass is green.
Don’t: Convert a Bedroom
-Turning a bedroom into a room that’s specific to your interests—such as a wine cellar or a library—is a risk. Once you start embedding wine refrigerators or bookshelves and customizing the space’s structure, the room becomes less valuable, because the next owner may not want to spend money renovating that room.
Don’t: Lay Down Carpet!
-Don’t bother carpeting any room in the house. Natural hardwood flooring seems to be what everyone wants these days.. Plus, wood floors tend to be easier to clean, they don’t show as much dirt and they’re better for family members who suffer from allergies. *Tip: If you’re looking to save, engineered wood is cheaper than 100% natural wood—and it still looks good.
Don’t: Install Ornate Lighting!
-Buyers like bright lighting, but if you empty your wallet buying an over-the-top chandelier, you probably won’t get most of your money back. Some people go all out when decorating a dining room, but the next owner may want to turn the dining room into a bedroom, so it’s often a waste. *Tip: Opt for subtle high hat or recessed lighting or get a basic chandelier or hanging fixture from Home Depot—you can find a bunch that look good for under $100.
Don’t: Redo the Garage!
-Some people turn garages into family rooms or play rooms—and then have a hard time selling their house. Most people want a garage to stay a garage. Not only do buyers want to protect their cars from rain and snow, but they also need a place to put dirty outdoor stuff, like lawnmowers, leaf blowers, shovels and garbage cans. Bottom line: Don’t go glam with your garage!
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