Most homeowners will live in their homes for about five to six years before selling and possibly buying another home. Our current housing market is responsible for many homeowners having to sell, short sale or walk away from their homes because of declining home values, increased interest rates and/or loss of income. Still, there are many home owners that are planning to stay in their homes for a few more years or at least until the housing market improves. These home owners may want to consider some home improvements that can actually boost the value of their home. Homeowners should research what improvements will actually increase their home's value and which improvements will not. When it comes to renovations, bigger isn’t always better. Owners should be careful not to “over” improve for their neighborhood.
Some improvements that will actually benefit home owners before they sell are energy efficient improvements. Depending on the age of the home, replacing older heating and air conditioning units can help save home owners money each month on their utility bills. Changing out the water heater, adding insulation to the attic and changing out old windows with new vinyl energy-efficient windows will help reduce your monthly bills. Wood shake and composition roofs should be inspected and checked for damage. When the time comes to sell, a new roof will add value but homeowners will not receive a full return on the investment. Adding Fiber Cement siding will improve the look of the exterior, is low maintenance and is fire and termite resistant. Kitchen and bathroom remodels can be very expensive but there are ways to update these rooms without costing you and arm and a leg. Replacing the counter tops and refinishing the cabinets can make your kitchen and bathroom look years newer. Changing out older kitchen appliances can be more energy efficient and are quieter than the older models. Painting of the interior and exterior of the home is an inexpensive way to give a fresh and new look to the home and can be done by the homeowner themselves. Changing out light and plumbing fixtures can also give the home a younger feel. Cleaning up the front yard can greatly increase the homes curb appeal. Planting flowers and shrubs along the walkway to the house will add a “homey’ feel. Removing over grown bushes and plants from the backyard and trimming the lawn will make the yard look larger.
Not every improvement will bring a handsome return on the investment. Swimming pools are great to have for some people but not for everyone. The daily maintenance of heating, filtering and PH balancing can be expensive and inconvenient. Swimming pools can cost as much as $50,000 or more to build and will only increase the value of the home by a few thousand dollars. Home offices are great for people that do their work from home but won’t increase the value when it comes to sell. Many people will over improve their home for their area or will make the improvements too “personal” that potential buyers will not appreciate.
Wise investments and thinking through your home improvements will help you get more value out of your home when you sell it. Making the improvements can also add greater satisfaction and enjoyment of your home, should you decide to hang on to it for a while.