There are many misconceptions about what truly adds value to your home and can make it sell for a higher price. Some sellers have found out the hard way that modifications they perceived as adding value actually do the opposite, especially in today's market. In past years, the big culprit has been the addition of a swimming pool.
NAR has released reports over recent years that clarify what adds value and what doesn't. Here is a checklist of some of the results.
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Central AC can add up to 12% to the price of a home.
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Remodeling to add additional living area isn't as “value-added” as you might think. In fact, adding up to 1,000 square feet of living area increases market value by as little as about 3%.
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Having a finished basement, on the other hand, can increase market value by about 9%.
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Advertising your home as a “fixer-upper” can decrease market value by 24%.
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Adding an additional bathroom, on the other hand, can add 24% to your home's value.
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Adding an extra bedroom adds only about 4% to your home's market value.
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Having a garage can increase your home's value by about 13%.
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Security systems, family rooms and dining rooms tend to add the most value
If you're thinking about remodeling your beach areas home, use these guidelines to help you make a smart investment and manage realistic expectations. If you've already invested in remodeling, these guidelines should help you understand what actually adds value and what doesn't.
Contact me if you would like help in making the right remodeling decision or if you would like a clearer picture of what to expect when you put your home on the market:)
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021 , visit my webpage www.annstefanucci.com or visit me on Facebook.
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