Before you dive into a home improvement project, you want to know if it’s worth it. You’re probably wondering am I going to get a return on my investment? Are potential buyers going to like this? Well, have no fear! We’ve got the answers. Keep reading to find out which home improvement projects are worth it and which ones you’d be better off setting aside.
Will this project increase the value of my home?
In 2003, the National Association of Realtors did a study to determine how different features of a new home affect the selling price. Here’s are some projects you may want to consider to increase the value of your home:
- Full Bathroom: 23% increase
- Partial Bathroom: 15% increase
- Garage: 13% increase
- Central Air Conditioning: 12% increase
- Fireplace: 12% increase
- Basement: 9% increase
- Higher Ceilings (9 Feet): 6% increase
- Additional Bedroom: 4% increase
- Laundry: 2% increase
On the other hand, here are some projects that might have a negative effect. The in-law suite and professional office actually tend to DECREASE the value of a home!
- Above-Ground Swimming Pool: 0% increase
- In-Law Suite: 5% decrease
- Professional Office: 5% decrease
*Side note: If you’re trying to fix up your home just to sell, then this list is a great guide! But, if you’re thinking about taking on a project because it would be a great fit for you and your family, don’t hesitate! An office or an in-law suite may perfectly meet your family’s needs.
Will this project fit in my neighborhood?
You may have a list of crazy ways you want to customize your home, but have you paused to consider if these modifications will make your house TOO different than the homes around it? The best way to exude positive curb appeal is to fix up your home so it stands out AND fits in all at the same time.
Let’s talk about additions. Adding square footage to your home can be an asset; However, if your home becomes odd-shaped or no longer fits your lot well, you’ve got a problem. It’s also dangerous to exceed the square footage of your neighbors by too large of a margin because you won’t get the return on that investment you’re looking for.
Will this project be positive long term?
Some projects sound good at the time and turn out to be NIGHTMARES! Here are a couple of projects to watch out for:
- High-end, custom fixtures: Just because you like them, doesn’t mean your potential buyers will.
- Skylights: Look nice but are known to leak when it rains.
- Swimming pool: On average, cost around $49,500 to install(CostAdvisor.com) PLUS you have to worry about insurance!
Would you like us to take a look? If you’re thinking about selling and looking for ways to improve your home, let Missouri Home, Farm & Land, LLC help! We know what’s hot on the current market! Contact one of our quality real estate agents today at 417-777-3300 or on our website.