The images on this page show examples of council homes before and after improvement work. Items that add curb appeal help the property to look good when prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help the place sell faster. Curb appeal items include a well-manicured lawn, low-cost landscaping, fresh paint inside and out (at least, the front door), cleaned carpets and new fixtures (even redoing the address numbers). You can DIY these projects to save money and time.
Regardless of the project that you are considering, remember that your primary residence is not just a house, it’s your home. If you plan to live there for many years to come, add amenities that you want to have regardless of their impact on resale. When it’s time to sell, do the basics to get the property up to par for the neighborhood and add some curb appeal, but don’t bother undertaking an extensive array of projects strictly in an effort to increase the purchase price of the property: These custom upgrades may appeal more to you than to potential buyers. It’s best to keep renovations small, neutral in looks and centered around improving the functionality of your home. And remember, even with the redos that are known to add value, the chances are good that you will spend far more money than you will get back in return.
In general, home buyers do not want to pay $250,000 for a house that sits in a neighbourhood with an average sales price of $150,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $250,000 in a $250,000 neighbourhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighbourhood follow suit.
Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home’s value. Certain projects, such as adding a well thought-out family room – or other functional space – can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it’s time to sell.
Money you spend on your home breaks down into two categories, taxwise: the cost of improvements versus the cost of repairs. And they’re keenly aware that even projects with the highest resale return don’t necessarily pay for themselves. To see what you can expect to recoup, visit Remodeling Online’s Cost vs. Value Report Then ask yourself how important it is to recoup your costs. After all, part of the idea is to enjoy the house while you live there.