Compare your home with other houses in the neighborhood. If your home ends up significantly upgraded beyond those of comparable homes in your neighborhood, you will likely have a harder time recouping your investment.
Home offices are a popular remodeling project. However, there is one pitfall. If you convert a bedroom into a home office, this could decrease the value of your home because the next homeowner may prefer the extra bedroom instead.
Low quality additions that have been done by unlicensed contractors or without permits and approvals may cause problems later when it comes time to sell. If a would-be buyer has the home inspected and the inspector finds flaws in load-bearing members, plumbing, or electrical systems, it could cause questions to form in the mind of the buyer as to the integrity of the entire home.
What is a single upgrade you can make to a home for about $1,000 that will bring you the most return on your investment?
You might be surprised. As curb appeal is what gets your buyer INTO the house. The front door is the transition from the exterior into your home and therefore represents a perceived value. People who viewed a home with a decorative door perceived the value of the home to be around 10 percent higher than one without the decorative door.
According to Remodeling magazine, the average cost of replacing an existing wood front door with a new steel door is $1,218 and most homeowners will recoup 102% of its value in a sale of their home.
If your budget does not permit you to install a new decorative door, there are other low-cost options for enhancing your entryway. Try a fresh coat of paint in an eye-catching blue or red for the front door, and consider add-on features, such as a new lockset, kick plate, and doorbell button.
Finally, there is nothing that looks more homey and inviting than plants in attractive planters near an entryway. Select plants that reflect the season and keep them fresh and trimmed. Establish contrast with the other colors and textures in the area for a dramatic effect.
Increase your home value with these hottest home features of 2015
- Fireplace (gas fireplaces were the leading type of fireplace mentioned)
- Wood floor
- Granite counter
- Stainless steel appliances
- Open floor plan
- Walk-in closet
- Formal dining room
- Vaulted ceiling
- Open kitchen
- Tile floor
- Covered patio
- Finished basement
- Breakfast bar
- French doors
- Chef’s kitchen
- Crown molding
- Central air
- Separate shower
- Garden tub
An agent will bring knowledge of local market conditions and can provide a price analysis of comparable homes so you can determine a fair market price for the property. They can also assist you in determining which repairs to make to increase the value of your home.