Whats the most effective way to increase your homes value?

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Home improvement

According to a survey conducted by Remodeling magazine, installing a wooden deck provides the most cost-effective return on investment for homeowners. This is especially important during a buyer’s market when housing prices drop and homeowners want to make their homes more attractive to prospective buyers. It’s a bit of a gamble to choose home improvement projects that will increase the value of your home when you want to sell it, but some projects come closer to paying for themselves than others. However, most large projects go beyond the capabilities of the average homeowner, making it difficult to get as much money from an improvement as you put into it. Consumer advice guru Clark Howard suggests that homeowners undertake improvements not to increase their home’s value, but to make it a more enjoyable place for them to live. Adding a wooden deck to a mid-range home provides the highest return on investment, with homeowners recouping an average of 85.4 percent of the project cost. On average, a deck that costs $10,347 to build adds $8,835 to the value of the home when it’s sold. However, it’s important to be careful not to improve the value of your home too much, as it may not be in step with the rest of your neighborhood. Real estate insiders advise homeowners to keep an eye on the market value of their area before undertaking major improvement projects.

Home improvement projects don’t always have to cost a fortune. While major renovations like a new kitchen or a second-floor addition can add value to your home, they can also be quite expensive. However, there are other ways to increase your home’s value without breaking the bank. Landscaping, for example, is a cost-effective way to add curb appeal and increase your home’s value. According to a Virginia Tech study, professional-quality landscaping can increase a home’s value by up to 12.7 percent. However, poorly installed or minimal landscaping can actually decrease a home’s value. Therefore, it may be wise to invest in the services of a professional landscaping company to carry out the project. Other simple ways to add value to your home include keeping your lawn well-maintained, decluttering, and making small cosmetic improvements like painting your front door or adding a new welcome mat.

The way your home looks from the outside can greatly affect its value. Making improvements to your home, such as remodeling or landscaping, before putting it on the market can increase the final sale price. Neglecting small repairs can also be costly, with the real estate rule stating that for every dollar you don’t spend on an improvement project, it will cost you two dollars at the closing table. If you want to learn more about home improvement and real estate, check out the next page. You can find lots more information on related topics, including buying and selling houses, kitchen improvements, decks, mortgages, and more. You can also find great links to resources like Remodeling Magazine, Bankrate’s Home Improvement Site, and the Department of Energy’s Your Home. Finally, the sources used for this article offer additional information on how to increase the value of your home, including 20 things that can alter its value, seven landscaping tips, and ten ways to raise its value.

FAQ

1. What’s the one thing you can do to increase the value of your home the most?

Renovating your kitchen is often considered the best way to increase the value of your home. It’s a room that gets a lot of use and is often the focal point of a home. Upgrading appliances, installing new countertops, and adding a backsplash are all popular renovations.

2. How much can a kitchen renovation increase the value of your home?

The value of a kitchen renovation depends on the extent of the renovation and the market you’re in. However, on average, a kitchen renovation can increase the value of your home by 10-15%.

3. What other home renovations can increase the value of your home?

Bathroom renovations, adding a deck or patio, finishing a basement, and updating your landscaping are all renovations that can increase the value of your home.

4. Should I hire a professional for my home renovation?

It depends on the scope of the renovation and your skill level. If you’re doing a major renovation, it’s often best to hire a professional to ensure the work is done correctly and up to code.

5. How long does a kitchen renovation typically take?

The length of a kitchen renovation depends on the scope of the project. A minor renovation, such as replacing countertops and appliances, might only take a few weeks. A major renovation, such as gutting the entire kitchen and starting from scratch, could take several months.

6. How much should I budget for a kitchen renovation?

The cost of a kitchen renovation varies widely depending on the scope of the project and the materials you choose. On average, a mid-range kitchen renovation can cost $50,000-$75,000.

7. Will adding a swimming pool increase the value of my home?

Adding a swimming pool can be a great feature for your home, but it doesn’t always increase the value of your home. It depends on the market you’re in and the location of the pool. In some areas, a pool can be a liability, as it requires maintenance and can be a safety hazard for young children.

8. Should I add an extra bedroom to increase the value of my home?

Adding an extra bedroom can increase the value of your home, but it’s not always the best investment. It’s important to consider the cost of the renovation and whether the extra bedroom is in demand in your market.

9. What’s the return on investment for a home renovation?

The return on investment for a home renovation varies widely depending on the scope of the project and the market you’re in. On average, a major kitchen renovation can have a return on investment of 60-80%.

10. Should I focus on cosmetic renovations or structural renovations?

Both cosmetic and structural renovations can increase the value of your home. However, it’s important to prioritize structural renovations, such as fixing a leaky roof or upgrading electrical and plumbing, before cosmetic renovations.

11. How do I choose a contractor for my home renovation?

When choosing a contractor, it’s important to ask for references, check their credentials, and review their past work. It’s also important to get a written contract that outlines the scope of the project and the payment schedule.

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