Better Home and Gardens just released the results of a national survey asking two distinct sets of homeowners what they want to change in their home for 2018. While nice to have and a great facility for many homeowners, a swimming pool adds no value to a resale price at all. In fact, some home buyers spend thousands of rands to fill in a pool after purchasing a property. Expensive upkeep and the fear of liability mean that for some, the responsibility of a swimming pool will detract from a property more than add to its value.
Lowering your home’s energy costs will save you money for as long as you live there and is expected to be a major selling point down the line. Indeed, energy-efficient” was second only to safe community” on the list of attributes that would most influence a purchase decision, according to a 2015 survey by the National Association of Home Builders.
This Old House projects tend to be multi-room and focus more on preservation than simple renovation. Only two renovations are done each year, one in the Boston area and the other is often in a warmer climate. Sometimes by moving walls and doorways or making some of the living space open plan, you can completely revamp a property and perhaps make better use of the space.
The best way to pay for any home improvement is using savings since it means you won’t have the added expense of loan interest to bear – that’s if you have savings in the first place. However, if you do need to borrow the most sensible way is to add the cost to your mortgage. But only if you can persuade your lender to release additional funds and you have the ability to repay ! Otherwise, it might be your friendly local credit union but again only after you have budgeted properly to justify the monthly commitment. All in all, your house would get an uplift and so would you.
Homeowners may, in an attempt to increase the value of a home, make improvements to the property that unintentionally make the home fall outside of the norm for the neighbourhood. While a large, expensive remodel, such as adding a second story with two bedrooms and a full bath, might make the home more appealing, it will not add significantly to the resale value if the house is in the midst of a neighbourhood of small, one-story homes.