How to Increase Your Home's Value
Project (average cost recouped, national) according to Realtor Magazine:
Minor kitchen remodel (88%)
Bathroom remodel (85%)
Major kitchen remodel (81%)
Family room addition (80%)
Deck addition (77%)
Master suite (75%)
Attic bedroom (74%)
Siding replacement (73%)
Window replacement (69%)
Home office (55%)
Remember, most importantly that you DO NOT recoup all of the costs of the things that you do to your house! I see this all the time when approaching potential sellers. They feel like if they put $50,000 into the home then their home should be worth $50,000 more then when they bought it so many years ago.I wish that were true! But sadly its not the case at all. You are only going to see an increase from a portion or percentage of what you spent. And be sure to tell your appraiser the things that you've accomplished since buying your house. Or if you're selling, always remember to give a detailed list of the dates that you completed your projects, how much it cost and everything you changed since your ownership began. Your agent should then forward this info to all of the potential buyers and to any appraiser who comes by once your home is under contract. Be sure to ask your professional REALTOR what his or her opinion is on what you've updated since your purchase and get your REALTOR'S thoughts on just how much of that value you can possibly get back in the Sale of your Home. I know it might not seem fair that you put in all that time and work and probably wont see a 100% return on your money. So do you're best to not be discouraged and remember that REINVESTING in your Home through UPGRADES or ADDITIONS is a great way to increase the value but it wont necessarily always be something you'll see in the end when you sell it.