N.E.O. Home Loans - Home Improvements May Increase The Value Of Your Home

Home Improvements May Increase The Value Of Your Home

Which home improvements give you the best return on your investment? Which home improvements may make your home harder to sell? Find out if your custom look will help or hurt your home's value and ability to sell.

Remodeling Your Bathroom

Remodeling your bathroom can yield a return of 85 percent to 90 percent, with costs starting around $10,000. Adding a new bathroom can return as much as 85 percent, especially if you only have one bathroom to start with. If you only have one bathroom, adding a second bath can make your home significantly easier to sell. Some other good improvements include installing double sinks, tile floors and new bath fixtures and faucets.

Remodeling Your Kitchen

The kitchen is the most important room in the house since it's where much of the family interaction occurs. The average return-on-investment for improvements to the kitchen ranges from about 80 to 93 percent with average costs at $15,000 and up. If you don't know where to start, try adding new tile flooring, re-facing old cabinets, and/or updating appliances to new energy efficient models.

Other Good Home Improvements

Larger home improvements could include things like adding a fireplace, building a deck or patio, or adding a new heating or cooling system. However, you don't have to spend big bucks to upgrade the look of your home. Some smaller, less expensive improvements can include replacing old doors or just adding a ceiling fan. Cosmetic improvements can go a long way in a buyers mind and make it easier for them to choose your home over the others.

Home Improvements to Avoid

You may not believe it but there are home improvements that rarely pay off in the long run, such as adding a swimming pool. These improvements are great if your family will enjoy them but remember that rarely increase the value of your home when you decide to sell. They can even make your home more difficult to sell. You should try to avoid making too many improvements that go beyond what is typically found in your neighborhood. You don't have to cut corners but owning the most expensive home on your block can be an obstacle when it comes time to sell your home.
Avoid getting too fancy. Everyone has different tastes, so choosing colors and materials that appeal to a broader range of buyers will make it easier to sell when that time comes.

Conclusion

If you have been considering a new home improvement project, I can help you find the right loan to make that project a reality. Contact me today and let's get your project underway.