4 Home Improvements That Don’t Pay
4 Home Improvements That Don’t Pay (and 4 Better Options)
It’s nice to live in a home that’s designed just the way you like, even if you have to spend money on remodeling. But when it comes to increasing a home’s value, some pricey home improvements won’t come close to matching the amount of money you invest.
If you don’t plan on moving in the near future, recouping money may not be as important as knowing you’ll enjoy the remodeled space. But if your plan is to increase the value of your home, you may want to avoid projects that don’t offer a good return.
Here are four home improvements that usually don’t recoup costs, along with alternatives that offer a better bargain.
1. Bathroom remodel
Add up the cost of a new tub, sink, toilet, tile and labor, and it’s easy to see how a major bathroom remodel can run close to $18,000, as reported by Remodeling magazine.
The finished product may resemble a luxury spa, but homeowners shouldn’t expect the value of their homes to increase by the full amount they spent on the upgrade. Homeowners typically recoup less than 66% in terms of increased value, according to the most recent Cost vs. Value Report from the magazine.
Better bargain: Instead of overhauling the entire bathroom, focus on smaller but highly visible upgrades, such as new sink fixtures and showerheads. Even if you don’t recoup 100% of the money you spend, at least you won’t be out thousands of dollars.
2. Room addition
Building an extra room can set you back anywhere from $40,000 (to add a new bathroom) to more than $115,000 (for a master suite). You’ll gain square footage, but you probably won’t gain as much value when it comes to the selling price, especially if your home’s size before the addition was in line with other houses in your neighborhood. Most room additions recoup around 65% of their cost in terms of added home value, according to the report.
Better bargain: Hire an architect or interior designer to find ways to maximize your existing space. For example, you may be able to knock down some walls or eliminate a closet to get more usable space. These alternatives are usually much less costly than a room addition.
If those solutions don’t work and your family needs more space, it may be a good idea to sell your home and find a bigger one.
3. Major kitchen upgrade
A major kitchen remodel can include new appliances, flooring, custom lighting, countertops and an island. But the kind of features you see in dream home magazines are expensive. The average major kitchen remodel costs close to $60,000, and homeowners usually recoup only about 65% of that in added home value.
Better bargain: Consider a minor kitchen remodel. Instead of replacing entire cabinets, you could change the cabinet fronts and hardware. And instead of replacing countertops and appliances, you could add a fresh coat of paint on the walls for a new look.
A minor kitchen remodel is one of the best home improvements to recoup your money. The cost is usually less than half that of a major upgrade, but it returns about 83% of the value on average.
4. In-ground swimming pool
The cost to build an in-ground pool can top $20,000, though the price can go much higher if you want options such as heating, a concrete lining and an attached hot tub. Pools also require a lot of upkeep: cleaning, adding chemicals, changing filters and installing a cover in the off-season. So even after you pay off the installation, you’ll still spend time and money to maintain it.
The value a pool adds to a house varies widely by region, often running higher in warmer areas where people can enjoy pools year-round. But if there aren’t a lot of homes on your street with in-ground pools, don’t expect your home’s worth to skyrocket after you install one.
In some places, homeowners could recoup as little as 30% of the cost of installation. Some buyers may even see a pool as a negative, because it requires so much work to maintain and could be a safety issue.
Better bargain: If you want a water feature in your backyard, consider installing a small pond instead of a pool. An eco-friendly pond may blend better with its natural surroundings and require less upkeep. The typical price to install a small pond is $3,000, so it’s much less costly than a pool.
Completing certain remodeling projects can make your home look great, but you may not get your money’s worth when it comes to overall home value. To get the most value, consider skipping these four money-losing upgrades, and go for the better bargain home improvements instead.
This article originally appeared on NerdWallet.
5 Steps to Take When You’re Ready to Sell
5 Steps to Take When You’re Ready to Sell
Your home is likely your largest investment. When it’s time to sell, you’ll want your investment to impress buyers and earn top dollar. A real estate agent can suggest ways to make the process go smoothly, but all homeowners can take some basic steps even without professional help.
Here are five important steps to take when you’re ready to sell your house.
1. Declutter
Remove knickknacks, toys and other belongings that clutter the rooms in your house to make the spaces seem larger and more open. Buyers will also have fewer distractions as they walk through the home.
Don’t plan on shoving your clutter into closets, though, because potential buyers will open closet doors as they tour your house. If you have a lot of clutter and find it hard to get organized, consider temporarily renting storage space for some of your belongings.
2. Repair damaged items
If you have small issues, such as holes in walls or lights that don’t work, now’s the time to fix them. To get an idea of what you need to repair, walk through your home and imagine yourself as a buyer, or walk through with a friend you can trust. Are there defects that you’ve learned to overlook but that would catch your attention when seeing them for the first time?
You’ll also want to make sure you correct major issues that a buyer may not see immediately, such as problems with the heating and cooling system, before you put your home on the market. A potential buyer will probably hire a home inspector before closing. If the inspector finds problems, the sale could be put on hold until they’re resolved.
3. Deep clean
Go beyond your weekly cleaning routine. Every surface a potential buyer sees is a surface that needs to be clean. Messy spaces could send the message that you don’t take care of your home, and it could make potential buyers wonder what else is wrong with the property.
A deep cleaning means shampooing carpets, washing windows and cleaning tile grout throughout the house. Pay special attention to bathrooms; make sure fixtures are sparkling and wipe out any dirt rings or mold patches.
Keep up the cleaning routine while your home is on the market. If you’re pressed for time, consider hiring a weekly cleaning service.
4. Plan pleasing scents
You probably don’t want buyers who enter your home to catch lingering odors from last night’s dinner. For a nicer aroma, add fragrances around the kitchen and throughout your home.
The smell of freshly baked cookies is pleasant for many buyers. If you prepare a batch just before a showing — and offer them to the buyer and real estate agent — you could make your home stand out.
There’s no need to worry if you’re not much of a baker. A few well-placed sticks of cinnamon or citrus fruit, such as oranges, can also produce a refreshing scent. In fact, a 2013 study published in the Journal of Retailing and reported by the Wall Street Journal determined that a simple orange aroma encouraged buyers to spend more money at a home decor store, compared with other scents.
5. Stage your home
Your decor expresses your personality, but home shoppers may have different tastes. Consider changing the decor to appeal to a large number of buyers. This practice is known as “staging,” and it could mean you rearrange furniture, tone down dramatic wall paint with more neutral colors or even rent new pieces of furniture until the home is sold.
In a 2015 National Association of Realtors report on home staging, 52% of buyers agents reported that their buyers were willing to increase the amount of money offered for a staged home compared with a similar property.
You could ask your real estate agent for design suggestions and stage your home on your own. Or if you’d prefer a professional home stager, your agent may be able to suggest someone. You can also contact the Real Estate Staging Association for names. The survey showed the median amount homeowners paid for staging services was $675.
Take note of these five steps to get your home ready to sell before you put it on the market. The effort you make repairing, cleaning and staging can pay off big when a buyer makes an attractive offer on your house.
This article originally appeared on NerdWallet.
Up-and-Coming Kitchen Trends
Up-and-Coming Kitchen Trends
The kitchen is one of the most important rooms in a house, and your kitchen’s design can say a lot about you and the rest of your house. If you’re looking for an update, here are a few up-and-coming trends for the design of your kitchen.
Dark Floors
If your walls or cabinets in your kitchen are on the lighter side, opting for dark floors will give the room a fantastic look.
Black Appliances
While stainless steel is a classic look, many appliance manufacturers now offer black as a color option and could look good as a contrast to white tile or granite countertops in many kitchens.
Quartz > Granite
This is a trend that already has some steam behind it, but could continue in the coming years. More and more people are choosing quartz countertops over granite in their kitchens, partially because it’s easier to maintain than granite since it doesn’t have to be sealed every year.
LED lights
A newer trend is putting LED lights along, under, and on top of cabinets. You can buy LED lights that change colors or ones that glow in the dark. LED also lights have also become popular for their energy efficiency.
Pecky Cypress
Wood with a grainy texture, Pecky Cypress looks great on kitchen islands and cabinets and gives your home a beach house vibe.
Danelle McMaster
Phone:+1(605) 228-5494