From DIY home improvement projects to kitchen remodeling, discover helpful tips, ideas and how-tos for your next remodeling project. According to a recent Cost vs. Value report from , most home improvement projects will add some value to your home.( 1 ) But not all remodeling will increase your home’s value enough to recoup the entire cost of the improvement. And in some cases, your upgrade may not increase the value of your home, but it will add satisfaction to you and your family while you live in your house.
HOME improvements can be difficult decisions to make. Whether or not they’ll help sell your property is often a guessing game, but a recent survey has revealed the most profitable home improvements you can make, and could lose you money. A great way to make strong ROI on your home is to rent it out. Renting out an additional room or flat can be a great way to make money. You could get someone looking for a permanent spot, or rent out to travelers (as AirBnB does). Some people even pay their entire mortgage by doing this.
Your changes should conform to the neighborhood. If you live in a neighborhood of two-bedroom bungalows and you add a second story to put in a couple extra bedrooms, you aren’t likely to see a high return. Buyers looking for homes that large won’t be looking in your neighborhood. On the other hand, if many of your neighbors are making similar improvements (perhaps because these affordable homes are on large lots and in a great school district), you might fare well doing the same.
It is difficult to imagine spending thousands of dollars on a home-improvement project that will not be reflected in the home’s value when it comes time to sell. There is no simple equation for determining which projects will garner the highest return, or the most bang for your buck. Some of this depends on the local market and even the age and style of the house. Homeowners frequently must choose between an improvement that they would really love to have (the in-ground swimming pool) and one that would prove to be a better investment. A bit of research, or the advice of a qualified real estate professional, can help homeowners avoid costly projects that don’t really add value to a home.
Bio: Jody Costello is a Pre-Renovation Coach who educates homeowners to help them prevent remodeling disasters. In two-storey homes, level access from garage to kitchen and living area is generally a high priority. Locate at least one bedroom on the ground floor so occupants can stay there as they age. It can double as a home office, study or bedroom for an elderly relative, carer or boarder. Locate a â€˜house’ bathroom and toilet at living area level.