What home improvement projects add the most value?
BY READERS DIGEST
3rd Dec 2020 Property
There are many homeowners today who are looking to invest in their home. With the rising cost of housing in many areas, this is a way to increase the value of your home more than the market. However, not all improvement projects make financial sense. In fact, many projects will actually hurt you financially. Some home improvement projects will eventually deter buyers and reduce the overall price of your home on the market. Before you decide to invest in your home, make sure you understand how much this project will cost now and in the future. This is the best way to decide whether it is a good idea to invest the time and money to complete the project. Many people have learned the hard way that improving the value of a home is not as easy as it looks.
Common improvement projects
One of the most common improvement projects is a fence in the back garden. However, did you know that many buyers prefer a certain type of fence over the other? If you are building a fence, make sure it is high quality and it is wooden. This makes a huge difference to buyers who want a fence in their new home. Although a chain-link fence is less expensive, many home buyers see this as a cheap alternative that is not as ideal. Over the long term, investing the extra money will pay off. Always go for quality when it comes to a fence in the back garden, and home buyers will repay you for it when it comes time to sell.
All about family
For some people, a swimming pool is a great way to have fun with the family. However, the operating cost of a pool is a big red flag to potential home buyers. If you want to make your home more accessible to new buyers, this may be an investment that you need to pass on. There are several studies that show people will pass up a home if it has a pool. Not only can it be dangerous for young kids, but it has a high operating cost with all of the additional water and chemicals that are used. There are many other projects that will add more value to your home over the long term.
Great investment to your home.
Overall, adding value to your home can be a great investment(as can clearing home wrecking items like knotweed!). However, not all investments pay off financially. Before you make a final decision, you need to make sure you have done your research on your local market. As a general rule, you want your home to blend in with the rest of the homes around them. Not only will this help you sell your home quickly to property buyers, but it will add value to it as well. A home is usually the largest investment that a person has. It only makes sense to try and maximize how much money you can get out of it when it comes time to sell.
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