Are you planning to make some changes to your Mount Juliet TN home?Â Our article today discusses the projects that can help, and hurt, your home value.Â Some remodels should only be made if you're planning to sell, and others only if you're planning to stay in your home.Â The last thing you want to do is invest money you won't get back. So, take a moment to browse the article below.Â It could help save you a lot of money in the long run.
There is really only one reason to try to increase the value of your home: if youâ€™re trying to sell it. If youâ€™re not, deliberately increasing your homeâ€™s value most likely will increase your tax bill as well. There are ways to increase your homeâ€™s value for resale that range from the very expensive (major remodels and additions) to free (tidying up the front yard). Weâ€™ll look at the whole range, noting how much value is added when possible.
Before you begin any of these projects, it is important that you do them with the following in mind: you do not want to raise the value of your property too far above others in the neighborhood. Why? Because people who want expensive homes will shop exclusively in higher-value neighborhoods. If you own the â€œbest houseâ€ in the neighborhood, it is unlikely you will recoup whatever investment youâ€™ve made. A good rule of thumb: keep the value of your property within 15 to 20 percent of your neighborsâ€™.
The following figures appeared in the November, 2001 issue of Realtor Magazine. They list the top ten remodeling projects undertaken to increase a homeâ€™s value in the United States and what percentage of your remodeling investment is recouped at resale.
Project (average cost recouped, national):
These are national averages, so in your area, the figures may be lower or higher. To explain, if you spend $10,000 on a minor kitchen remodel, you will be adding $8,800 to the value of your house. Remember that itâ€™s a tricky business, trying to add value to your home. What seems to be value to you may not appear that way to any given prospective buyer.
Projects that may increase your homeâ€™s value include: Jacuzzi (4 jets or more); permanent hot tub; in-ground pool with nice deck area; security system; sprinkler system; substantial out buildings such as a two-car garage or finished workshop; and vaulted or trey ceilings. Think twice about the following projects however, as they may not add value to your house: above-ground pool; ceiling fans; garden pond; and light fixtures.
Some tips when attempting value-increasing remodeling:
If you donâ€™t have the kind of money it takes for even minor remodeling, there are low-cost ways to increase your homeâ€™s value. At the very least, the following things will make your home more attractive and inviting to prospective buyers.
The reason for these small things is simple: If two similar homes in the same are area are both for sale, the one with the cleanest and most appealing front yard will sell first.
You may want to add to or improve your
landscaping while youâ€™re at it. According to a study conducted by Money
Magazine, landscaping may be the best investment to improve a home's
value. The study found that well-planned, attractive landscaping was
estimated to have an actual recovery rate 100 to 200 percent higher than
a kitchen or bathroom renovation.
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