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Renovations_and_Upgrades_Bring_it_to_the_Bank_Part_2
| Renovations and Upgrades: Bring it to the Bank Part 2
Renovations and Upgrades: Bring it to the Bank Part 2
In Part 1 of this article series we discussed kitchens,
bathrooms and bedrooms; three areas of the home that can boost
value when updated or improved. If you have not yet read Part 1,
visit http://www.voncannonrealestate.com to view it. Now, it’s
time to talk about the other rooms in the house. And let’s not
forget exterior upgrades. Even a quick and simple facelift makes
the home more attractive and worth more. Use strategic planning
to invest your money in the places that count most. You will be
pleased with the return.
Simple Details Often Overlooked
When you choose to renovate a living room, den or dining room --
remember, the most important and valuable improvements are
sometimes in the details. You may want to open out a wall to
change the floor design, especially if you live in a home built
in the 1950’s, 60’s or 70’s. Again, a chair rail (especially in
the dining room) and crown molding can increase the value. An
upgrade in flooring, windows, decks, screened in porches and
paint can all equal the perfect facelift. Use light or neutral
colored paint to reflect light. Fireplaces can also add on about
$3,000 to an appraisal. Just remember wood fireplaces are
declining in popularity. Fireplaces that use gas or are
converted to burn gas are more popular.
Simple and Effective Upgrades for Any Room
Consider updating dirty and chipped wall sockets. Also, you may
want to replace light switches and light fixtures. Make sure the
lights, wall sockets and light switches flow with the color
scheme or the mood you are trying to evoke with the room. For
example: do not use a rooster shaped light fixture in a
bathroom. All of these changes will make a definite statement in
a room.
Don’t Waste the Garage and the Basement
Think long and hard before you turn the garage or basement into
a room. Although this may increase the square footage of your
home the value is in the space as is. In Virginia, a one-car
garage equals $10,000 credit with the appraiser. If the garage
is converted the appraiser counts only 1/3 of the square footage
and adds it to your home value. As is, garages and basements in
good condition can be an excellent commodity when selling your
home. Keep this in mind when prioritizing renovations.
The Importance Of Maintaining the Face Of The Home
Renovations and updates do not include roofs and other exterior
materials. This is part of home maintenance and should
automatically be done to maintain the value of your home.
Landscaping and a fence can greatly add to the value of a home.
Expect about a 70% return on labor and materials for landscaping
and fence installation. If you have a fence that is old and has
seen better days be sure to repair or replace it or it will
lower your home value. Underground irrigation systems and sod
can payoff nicely – as much as a 70% return. Shutters, porches
and gutters yield about 80%. Pools are of little value when
attempting to increase your home value. Aside from the extra
insurance you will need, a pool is only worth the investment if
you live in an area where most homeowners have pools. Pools are
like wallpaper: buyers either love them or hate them. Last Words
A word of caution: remember to pull all permits when doing
renovations or updates on your home. Make certain the contractor
pulls all permits when you resell or this will come back to
haunt you. Also, if you have no experience with these kinds of
home projects, do not attempt them. Do It Yourself (DIY) may be
popular, but trust my judgment and years of experience. DIY
renovations will often pale in comparison to a professional job.
If you insist on tackling the projects on your own, take a class
on each type of renovation or find a friend with some background
who is willing to assist you. Remember, generally speaking,
pride in ownership is apparent in a property and that you can
take to the bank.
About the author:
Elaine VonCannon is a REALTOR with RE/Max Capital in
Williamsburg, Virginia, and she specializes in retirement and
relocation in the Williamsburg area. She is an Accredited
Buyer's Representative as well as a Senior Real Estate
Specialist. Elaine VonCannon also works with real estate
investors and home sellers.
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