Decided you finally have the money for some needed home improvements? Follow these simple guidelines to easily boost the value of your home avoid common renovation missteps.
Let your inner accountant be your guide. Sure, it’s tempting enough to go all out for marble kitchen counters once you finally get your spouse to agree it’s time for some home improvements, but simply dumping several thousand dollars in gleeful touches of luxury you’ve always wanted doesn’t necessarily mean you’re going to see any eventual return on your investment. In fact, some of the more fancy and frivolous of home improvements could end up simply being money down the drain. Before you whip out the check book, draw up a game plan of home improvements you’d like to make. Ensure your possible makeovers can pass both tests of desirability (for you and potential future buyers) and likelihood of increasing your home’s overall value. Just because you are willing to fork out big bucks to have fake marble angel statues blanket your lawn doesn’t mean your next buyer will share your sense of taste.
Look to Uncle Sam. Recently, the government has passed new legislation promoting the use and installation of energy-efficient home appliances and materials. Check energy.gov for more information on items that qualify for deductions come tax time, and act fast since this provision is set to expire December 31st 2010! If you do your homework, you could write off up to $1500 of your total home improvement costs.
Focus your efforts. Because many home buyers consider the kitchen to be the most important room of the house, it’s therefore the most likely to either make or break your sale. Invest some of your home improvement funds in either touching up or outright replacing old and worn down cabinets. Keep in mind that your goal is to help your buyers envision being excited and happy to live in this space. Replacing faucet heads, updating countertops, or installing new energy efficient ovens or stoves, for instance, could not only earn you a tax break but also buyers willing to pay more for your modernized kitchen. Has your master bedroom always been a little lacking in natural light? Take this opportunity to install special energy-efficient insulated windows and wow your visitors with sunsets that cascade into the room. Identifying your home’s trouble spots before setting yourself up before putting the home improvement wheels in motion can help prevent you from getting overwhelmed or disseminating your funds into severa
l minor projects instead of a few major eye-catchers. What has always driven you crazy about your own house? The next time you have your friends over for dinner ask for their input as well.
Opening up to profits. Real estate experts remind us that improvements which create or open up new space in a house usually retain more of their value over a longer period of time. This can nicely counterbalance the other rule of thumb that states the longer since an improvement was made, the less value it will hold. Maybe it’s time to add that playroom after all.
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