These 10 around-the-house improvements are well worth the investment. 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.
Fixer-upper buyers will discount the price of the home to allow for the repairs then discount it a bit more for the inconvenience. Say a home is worth $100,000 fixed up but it needs a new roof. A new roof might be expected to cost $10,000. A buyer most likely will not offer $90,000 for this home. She could buy an identical home with a new roof for $100,000 and not have the hassle.
Beyond a home’s cosmetic finishes, it’s important to keep the major mechanical systems in working order. Many first-time buyers will have used up much of their savings on the down payment, so they want to know that the heating system, plumbing, and electricity have been recently updated. Central air conditioning is also in demand because it eliminates the need to switch window units in and out. ÂHomeAdvisor puts the average cost nationwide at just more than $5,000.
But that doesn’t really matter to Washington, D.C., homeowner Emma Chanlett-Avery. She and her husband are remodeling their Washington home, enlarging their current kitchen, adding on a family room and a master suite above the addition. They moved in five years ago, and they want more space for their two young children. Cost versus value wasn’t really a driver in their design plans.
Because many buyers see the kitchen as the heart of the home, even a few basic improvements to this room can really pay off. Consider including energy efficient appliances, stainless steel, new countertops, a new sink, a coat of paint and new flooring. Cupboards can also be sanded, stained, painted or replaced if necessary. Where possible a classic design and neutral paint tones are best as these will appeal to a broader range of people. A well renovated kitchen can recoup between 70% and 80% of the remodelling cost when the home is sold.