How to Increase Your Home's Value

Real Estate

How to Increase Your Home's Value

As a trusted real estate adviser, my clients often ask me about home renovation projects. Sometimes they want some referrals for good contractors, sometimes they want ideas on things to do, but one thing they always want to know is the value of the renovation. I know that what they mean is, "what will I get in return for the money the project cost?" but I always point out that there is a difference between value and cost. If you are going to be staying in the house for several years, it may be worth it to do some of the added conveniences and luxury items because you will be able to enjoy them. But, on the other hand, if you are looking for strictly what you will get in return for your investment because you plan on moving then the project may not be worth it. Generally if you looking to sell, your biggest bang for your buck is going to be landscaping, paint and carpet. If you're looking at staying long term and want to do some projects here is a breakdown for you of the average cost recouped, from a national standpoint, according to Realtor Magazine:

Minor kitchen remodel (88%)

Bathroom remodel (85%)

Major kitchen remodel (81%)

Family room addition (80%)

Deck addition (77%)

Master suite (75%)

Attic bedroom (74%)

Siding replacement (73%)

Window replacement (69%)

Home office (55%)

 

As always, feel free to contact me anytime for more information.