Which Home Makeover Pay Off?In the very first year my partner and I lived in our house, we spent practically $20,000 on home enhancements. When we set that money aside at the start of the year, we dreamed about granite counters and steam showers; what we wound up with was a new heater, new seamless gutters, a drainage system to keep the basement dry, brand-new landscaping and lots of brand-new paint. see this site At the end of that year as I wiped down my tacky Formica counter tops and bathed in my 1950s seafoam green tub, I questioned if we had invested that money wisely. If we had put our house up for sale, would potential buyers have truly cared about the dry basement and trusted heating system?
After speaking to a slew of specialists, realtors and designers, the agreement was yes. "If the roof is leaking, buyers won't get beyond that," states Ron Phipps with Phipps Realty in Warwick, R.I. "I don't care how remarkable the kitchen area is."
According to Remodeling Magazine (www.remodelingmagazine.com) you're less likely to recoup your financial investment in a major kitchen or restroom remodel than you are to get back what you spend on basic home maintenance such as new siding. The only house improvement likely to return more at resale was a minor (approximately $15,000) kitchen area remodel, which returned 92.9 percent.
" Buyers wish to take the fundamental systems for granted," says Sal Alfano, Remodeling's editorial director. "They presume the roofing system doesn't leak and the cooling and plumbing work. Maintenance can chew up a lot of cash quickly, and people hesitate of that."
That's not to say that granite counters and steam showers do not settle; bathroom and kitchen remodels continue to be 2 of the very best financial investments you can make in your home. "They're constantly right up there at the top of the list," states Alfano. "They're the big, sexy spaces that new home contractors splurge on, so when buyers are looking around that's what they want in an existing house, too."
Keep a couple of things in mind if you're thinking about sinking some money into house enhancement projects this year. Exactly what you'll get back on your investment depends on the value of your house, the worth of houses in your instant area, the housing market where you live, how quickly you offer after making improvements, and the quality of the project itself. Setting up a $10,000 stove in a $200,000 home, for example, "just doesn't compute," states Ron Phipps. If your house is the only home in the area with just one restroom, nor does it make sense to update your cooking area. Here, the scoop on home enhancements that will give you the most significant value: