Americans will spend nearly
$233 billion on home remodeling this year, according to the National
Association of Home Builders 2007 industry forecast. That
represents a 1.9 percent increase from the record $228 billion
spent in 2006, according to estimates from the U.S. Census
Bureau.
But all home remodeling projects are not equal. Which projects
are the best ones for those looking for a solid return on their
investment (and higher profits come selling day)? Here are
some top ways to add value to your home.
- Remodel/Add a Home Office
Home offices are becoming less of a luxury and more of
a necessity, with more people telecommuting. The number
of Americans who work from home is in the millions, and
that number has continued to grow every year. With many
companies cutting costs and becoming more aware of their
carbon footprints, telecommuting has become a viable
solution for many in the working world. Making sure that
your home has a state-of-the-art space for potential
teleworkers is a surefire way to increase your home’s
value.
- Renovate or Add a Family Room.
With open floor plans becoming more in demand, a family
room is an excellent way to make existing homes more
like new construction. Remember, it’s a good idea
to keep in mind what homes in your area are like. People
like to purchase homes that blend with other homes around
them. Chances are you’ll find many of your neighbors
are investing in family rooms as well.
- Replace the Roof.
The roof is one of the first impressions people have of
a home. Make sure yours passes the test by replacing
an old roof. You also change the character of your home
by looking into architecturally styled roofing tiles.
- Landscape Your Yard.
Along the same lines of thinking as the roof,
landscaping can give a great — or not so great — first impression.
Backyard landscaping can transform ordinary spaces into incredible
entertaining areas by including elegant water features and
lush plants. Consider your area’s climate. If you live
in an area that receives temperate weather year-round, you’ll
find that your new landscaped yard adds value to your
home and increases your living space.
- Replace Old Windows.
Thirty percent of a home’s energy is lost
through its windows. Replacing old windows with energy-efficient
versions signals to home buyers that you really care about
the house and reflects on the quality of the house as a whole.
Plus, who doesn’t like to save money on energy
bills?
- Remodel Your Basement.
Look at space you already have. Do you have unused space
that serves as a black hole for all things without a
home? Try remodeling your basement. Remodeled basements
can make excellent game rooms or guest suites, adding
value to your home without adding space.
- Paint, Paint, Paint.
Enough said. But remember to hire a professional if you
need help and keep the colors neutral if you’re
looking to sell. Nothing looks worse than a poorly done
paint job in bright fuchsia.
- Remodel Your Kitchen.
Small changes can result in big value. Upgrading appliances,
door handles, and painting tired walls can add new life
to your kitchen, and add value to your home. The general
rule when doing a remodel is not to overdo it. That is
unless it’s a kitchen. Kitchens sell a home, and
in this case, size does matter. But a kitchen remodel
is a long term investment; you’ll see payback 10
years down the road.
- Remodel or Add a Bathroom.
A bathroom remodel can often mean simply making the most
of your current space, by upgrading fixtures, flooring
and lighting. Have a little more money in the budget?
Adding a bathroom is a great way to add value to your
home. Is your only bathroom upstairs and not convenient
for dinner guests? Often the area under a set of stairs
is the perfect place for a powder room.
|
