Many people remodeling homes to increase their value
People looking at ways to increase the value of their home need to follow a number of dos and don鈥檛s.
For example, bathrooms and kitchens do. Swimming pools and high-end fixtures don鈥檛.
It can be a challenge to sell a home today in an aggressive marketplace, according to real estate experts. With the warmer months being the most active time of year to buy and sell real estate, it鈥檚 important to ensure your home is seen in the best light possible, according to Wendy Froehlich of Homes.com, one of the nation鈥檚 top online real estate listing and lifestyle resources.
According to Homes.com, the top five projects that improve home equity are:
- Bathrooms
- Kitchens
- Outdoor spaces
- Basements
- Mudrooms.
Projects in Fayette County homes follow that pattern.
鈥淲e are not seeing a lot of new home building, not like we did five or six years ago,鈥� said Mike Shimko, president of the Builders Association of Fayette County.
鈥淏ut there is a lot more remodeling going on now. Remodeling has picked up more today than in the past,鈥� he added.
鈥淧eople are doing more remodeling of kitchens, bathrooms and putting on additions to their homes rather than moving out to build something new,鈥� Shimko said.
Apart from kitchen and bathroom remodeling and upgrading, Shimko said there are other, less costly things homeowners can do. 鈥淎 fresh coat of paint, new carpeting, windows, doors, floor coverings can all add value. Appealing landscaping and keeping the driveway in good condition add value. Even a finished basement or mudroom can add value to the house,鈥� Shimko added.
In this area, he said, 鈥淲e mostly get requests for kitchen and bathroom projects and small additions.鈥�
Whether remodeling a kitchen, adding a family room, installing replacement windows or simply changing a light fixture millions of Americans each year undertake some type of home improvement project.
There are other projects that can add value but homeowners must be careful what they spend money on. Just because a homeowner spends $20,000 on expensive d茅cor or fixtures doesn鈥檛 mean the house is worth $20,000 more. Many homeowners spend on amenities such as phones in every bathroom or a decorative stone wall that are only peripheral to the value of the house, according to SmartMoney.com.
鈥淓xactly how much you鈥檒l recoup in costs depends on several factors, including the direction of the broader housing market, the value of the homes in your neighborhood, when you plan to sell the home and the nature of the project itself,鈥� according to SmartMoney.com.
Offered as an example, the web site referred to the addition of a midrange deck to a home in San Francisco that recouped 100 percent of its costs.
鈥淏ut you shouldn鈥檛 count on those types of returns. In Columbus, Ohio, the same project is likely to recoup less than two-thirds of its costs,鈥� according to SmartMoney.com.
There is a caveat with these value-added projects: The longer a person holds onto his or her home after remodeling project is completed, the less likely he or she will recoup its value. Why? Design tastes can shift significantly over time. Also, there鈥檚 little reward for having the fanciest house on the block. A house that鈥檚 priced higher than its neighboring homes could be perceived as overpriced even if it does have more value.
Froehlich of Homes.com suggested the following improvements to add value.
鈥淎dding a dual vanity to a master or secondary bath improves functionality, allowing multiple people to use the space. Change out fixtures like faucets and shower doors to increase aesthetic appeal. If you鈥檙e on a budget, replace light fixtures or switch plates to help refresh the space.
鈥淲hen working with a small space, highlight storage options with shelving and update or remove wall decor, paint or wallpaper,鈥� she said.
Froehlich said that kitchen renovations can cost anywhere from $20,000 to $40,000 and more. 鈥淚f that鈥檚 not in your budget, upgrading cabinetry and paint does wonders to liven up even the most outdated spaces. Add crown or decorative molding to 鈥榮hape out鈥� the kitchen cabinets and modernize the space. Repaint cabinets, or add new hardware to add visual interest and brighten dark spaces.鈥�
Not to be overlooked is the exterior of the home. According to Remodeling Magazine, improving outdoor spaces can increase a home鈥檚 resale value dollar-for-dollar.
Jim Pletcher writes a weekly real-estate story for the 缅北禁地 from a variety of angles. If you have an interesting story about buying or selling a home in Fayette County and would like a story written about it,, please contact 缅北禁地 Executive Editor Mark O鈥橩eefe at 724-439-7569.