People are very interested in renovations these days with the economy the way it is. Finding the money is not easy but they would rather renovate then have the high cost of moving. Sometimes though, it is hard to justify the costs of the renovation in your mind. What if I could show you, you can really put money in your pocket by adding value to your home at the same time making it the way you want and need it to be.
Here are the results from a survey carried out by 100 real estate agents revealing the 10 most common value adding home improvements.
1. Attic Conversion – $44,000: A new Attic Conversion could cost $36,000 and could increase your property value by $80,000, so a true equity value increase, after costs, of $44,000
2. An Addition – $38,000: An addition could easily cost $60,000 and could increase your property value by $98,000, so a true equity value increase, after costs, of $38,000
3. New Kitchen – $20,000: A new Kitchen could cost $16,000 and could increase your property value by $36,000, so a true equity value increase, after costs, of $20,000
4. Sun Room – $18,000: A new Sun room or porch could cost $16,000 and could increase your property value by $34,000, so a true equity value increase, after costs, of $18,000
5. New Windows – $16,000: New Windows could cost $16,000 and could increase your property value by $32,000, so a true equity value increase, after costs, of $16,000
6. New Central Heating – $10,000: New Central Heating could cost $14,000 and could increase your property value by $24,000, so a true equity value increase, after costs, of $10,000
7. New Bathroom – $10,000: A new Bathroom could cost $8,000 and could increase your property value by $18,000, so a true equity value increase, after costs, of $10,000
8. Redecorating – $8,000: Redecorating ie. New carpet painting etc. could cost $7,000 and could increase your property value by $15,000 so a true equity value, after costs, of $8,000
9. Resurfaced Driveway – $6,000: Now this would depend on the size and length of the driveway but it could cost $5,000 and could increase your property value by $11,000 so a true equity value, after costs of $6,000
10. Garden Decking – $6,000: A new deck could easily cost $6,000 and could increase your property value by $12,000 so a true equity value, after costs, of $6,000
Home Renovations can be a very successful future investment. Figures above are based on typical value and are dependant on the size of the home, the capital invested in your home, the quality of the work done, as well as many other things.
Not only can home improvements add a substantial increase to the value of your property, they also act as a very practical enhancement to your property, especially if you have a growing family or are not wishing to actually move away from where you currently live, as it maybe close to family and friends.
Gives you something to think about doesn’t it. Don’t settle for less than quality work as inferior quality work doesn’t add value. Also make sure the work is in keeping with your present home. Installing a $20,000 kitchen in a $50,000 home will not achieve the value you want nor will installing a $20,000 kitchen in a million dollar home.
Plan now to add value to your home and have it the way you want and need.