A common question people ask themselves is what improvements will actually add true value to my home. Many people do renovations to their homes that don't necessarily add value. Some people assume that if you are putting money into the house then it should add value, however, this is a common misconception. For instance, People assume that putting on a new roof is going to add a lot of value to them home. The issue here is that a home-buyer expects the roof to be relatively new. They won't necessarily pay more for a new roof, it' something they want initially. The same goes for plumbing and electrical. A home-buyer expects the plumbing an electrical to be up to date. Although these are great things to stay on top of and update because you won't lose value. An older roof or mechanics will certainly decrease the value of your home.
So what are some home improvements that will add true value to your home?
The number one remodeling project should be focused on bathrooms. Bathrooms are one of the best ways to recoup your money on resale. However, like everything, there is a limit. On a mid range bathroom you should expect to recoup from 80 to 130% on resale. As you move into more upscale bathrooms, the expected resale value drops to around 60%. So this is something to keep in mind when remodeling a bathroom. You must also remember that resale value are based on a generalization.
Remodeling the kitchen is a project that will add value to your home. Investing into a kitchen is a worthwhile project when concerned about increasing the value at resale. An updated kitchen that addresses the necessities expected will generally yield 80% of it's cost. And when focusing on the kitchen, you don't always need to gut everything. Simply putting down new counter-tops, painting the cabinets, new hardware, and updated appliances can be a great approach when on a stricter budget. You don't have to completely remodel the whole kitchen to see value.
Another great way to increase value in your home is to replace old windows with energy-efficient ones. New windows not only saves you money on utilities but adds great curb appeal. People want new windows, not only for energy purposes, but for comfort as well. New windows will most certainly make the home that much more comfortable to live in. As I stated earlier about how windows can add curb appeal, vinyl siding is an investment that will be worth it. Curb appeal adds more value to a home than can necessarily be calculated. Drawing attention to your home and making it welcoming is the number one goal. If someone drives by and doesn't like the outside, they won't want to see all the great renovations you did inside.
So I ask again, What home improvements add real value. These are just a few things to consider when deciding what to focus on in your home.