Do Home Improvements Add Value?

The images on this page show examples of council homes before and after improvement work. The real estate market always has its share of “flippers” – real estate investors with varying levels of expertise who buy properties and fix them up, only to turn around and sell them for a profit a short while later. However, before you get dollar signs in your eyes, realize that it’s mostly the pros who can make a living at this. They’ve got contractors on staff and a fine-tuned idea about how to get the highest return for the lowest project costs.

Outdoor living spaces are on the checklist for most new luxury home buyers,” says Graboyes. The ability to cook outdoors without running in and out of the home to retrieve food and utensils is a luxury any grill master can appreciate. Build your outdoor cookspace with a BBQ grill, mini bar, refrigerator, and you’ll have a culinary home improvement masterpiece.

People can go wild with kitchen remodeling projects but they don’t need to do that. A minor kitchen remodeling project recoups more of the cost than a major one. A minor kitchen remodel had an average cost of $20,830 and of that, $16,699 was recouped for 89.4 percent. A major kitchen remodel project with an average cost of $62,158 returned about $40,560 in resale value for 65.3 cost recoup percentage.

Last but not least, one of the worst things you can do when it comes to home improvements is to start a project without the major details’”cost, time, materials, and design’”as realistic as possible from the start. Nothing costs more than having to “change horses in midstream” (e.g., you want to move the fridge somewhere else now or want to change your tile choice). Use design tools to conceptualize your project and add a healthy buffer (10-15% more) to your time and financial budget to account for the inevitable surprises.

Nobody renovates their kitchen, never mind their entire home, in just two weeks. Yet, the home shows on TV can leave us with the impression that renovations can be done either quickly or cheaply or both. If you find your the type that likes to compare your house with the glossy mags the home reno reality shows then stop. Turn off the TV and put the magazines away. Now, consider why you want the renovation and what problem it will theoretically fix. Answer these questions and you’ll have a much better idea of what needs to be done and what budget you can afford.