Popular home improvement television shows have led many people to believe they can significantly raise their property’s value with modifications and additions. However, this is both true and false. Some well-established improvements can inherently increase a home’s value. Still, it is crucial to understand your locality’s property market values before initiating major construction work. Even if you’re not considering selling your property in Raleigh NC immediately, it’s wise to consult with a seasoned real estate specialist.
The return on investment for home improvements is tied to the intermittent fluctuations of the real estate market. For example, in 2006 every dollar invested in home remodeling could recover 76.1 cents upon sale. This figure dropped to 67.3 cents by 2008. It’s rare to break even on home upgrades, but recouping about 75% of your investment is typically regarded as satisfactory. Occasionally, a particularly desirable home feature, like a deck in San Francisco, could allow homeowners to recover more than the total remodeling cost. Proper understanding of the local market is crucial when deciding how to invest in your home.
Renovations to the kitchen and bathroom generally guarantee positive results. However, don’t invest in ultra-luxury renovations that don’t align with the home’s overall ambience. Overly opulent fixtures or fittings could potentially backfire. Fresh paint, new hardware and flooring can significantly transform these spaces. In terms of bathrooms, ensure they surpass any cleanliness standards you’ve previously held before putting the house on the market; even if that means hiring a professional cleaning service. Nothing dissuades buyers more than a grimy bathroom.
Avoid alterations that could potentially reduce your home’s value. Bizarre room additions are a prime example, particularly ones that disrupt the natural flow from one room to another or those with awkward entrances. For example, if the path to the living room is through the master bathroom, that’s an issue. While patios and decks are well-received, pools are gradually losing popularity due to their high maintenance costs and effort. Note that the value of a pool largely depends on the region; they’re an asset in Florida, but not so much in Wisconsin.
Most homeowners only consult real estate professionals when they are ready to buy or sell. However, remember these individuals are experts in the local housing market. To gain valuable insight into top dollar home improvements, consider speaking with a real estate agent before a contractor.
