Home Improvements That Pay Off
by: WestCoast Magazine (March 2007)
What to Look For When Hiring a Reliable Contractor
Two different perspectives, generally speaking, motivate most home improvements. One is splurging on an amenity just for the pleasure of having it. The other is making improvements to bolster the homes market value. Whether an improvement will recoup a good percentage of its costs is influenced by many factors, such as location, the condition of the rest of the house, the value of other homes in the neighborhood, the cost of remodeling services, when you plan to sell, and so on. Spending $30,000 on your home doesn't necessarily mean that your home will be worth $30,000 on your home doesn't necessarily mean that your home will be worth $30,000 more. With that said, here are the projects that tend to recoup the greatest cost.
Kitchens
From cosmetic improvements (refinished cabinetry, new hardware, a new coat of paint) to a major overhaul (new cabinetry and countertops, new appliances, or a complete redesign), improvements to the room that most buyers consider the heart of a home add considerably to a home's value.
Bathrooms
The number of bathrooms that comes standard in a new home has increased over the years, so its little surprise that upgrading or adding a bathroom increases value. Adding new fixtures, vanities with increased storage, new countertops, and a new coat of paint are just some of the ways to improve a bathroom.
New Rooms
Improvements that increase the functional space of a home tend to hold their value longer than those that simply make the house look better. Adding rooms or exanding/changing the function of the ones you already have is well worth considering no matter when you plan on selling.
Windows and Doors
As long as you stick with standard sizes, the addition of energy efficient widows and doors is a great investment no matter when (or if) you sell. Not only does it increase the value of the home itself, but the savings on the utility bill--in additiion to the federal tax credit for installing qualifying windows and doors--makes ths improvement a very wise investment.
Decks/Patios
Building a deck or pation is probably one of the most cost-efficient ways to extend the outdoor living space of a home and tends to be one of the most reliable outdoor improvements in terms of value.
Painting
The most cost-effective home improvement is new paint--both on the interior and exterior. Few other improvements can change so much for so little cost.
Structure and Mechanical Systems
Although not as much fun as renovating a kitchen or planning for the new deck, repairs to the home's structure and mechanical systems are the most important to tackle. These repairs don't so much increase a home's value as maintain your investment.
