Some home improvements may greatly increase your property value and others may actually make your home harder to sell. Therefore, you must decide if you are going to improve your home because you and your family want to enjoy it, or if the improvements are going to be done with selling in mind.
Putting in a swimming pool is fine for your family to enjoy, but it is rarely an improvement that pays off. A monster grill and smoker, along with the eating area and all the add-ons is fine for the grilling aficionado, but not everyone is going to have the same barbecuing enthusiasm. Therefore, think before you go and spend $8 to $10 thousand on all that barbecue gear and accessories.
If you are going to make improvements to your home to sell it, then you are going to have to wait long enough to recover the investment through the increase in value. If you are thinking of a rebuilt kitchen and new appliances, the cost is going to range from $15,000.00 to $20,000.00 or even more, depending on the materials and appliances you put into your new kitchen. Something to remember is that if your house only goes up by the amount you invested over a period of time, you have actually lost money through inflation, cost of living, perhaps taxes and other factors.
If your house only has one bathroom and similar houses in your area have 2 or more, then you would do well to put in an additional bathroom. A new bathroom generally costs around $10,000.00, but it may cost much more depending on the amount of work that has to go into the addition.
Another thing that you should remember is that if you invest too much in your house and end up with the most expensive house on the block people may not want to pay what you feel your house is worth if houses in your market area are selling for much less. If you try to sell your house, you have to remember that it is going to compete against similar homes in your area. If you are in a $300,000.00 area and you make $100,000.00 in improvements, you are going to end up competing against homes in another market area that may have homes which are better located than yours is or homes that have more to offer.
You should definitely avoid going overboard if your tastes are quite definitive and very particular. You may love loud, bright and eye-dazzling colors, but most people will be turned off by a house that is painted this way. When you are ready to sell, think about toning things down and appealing to a wider audience.
It might pay off if you look into the houses that are in your market area to see what kind of improvements they have done. If most of the houses in your market area have remodeled kitchens and you have the same appliances from when you bought the house 10 years ago, then perhaps it is time to improve the kitchen but make sure you do your research before spending money aimlessly and needlessly.
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