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Patrick Trimble
717-475-0955 (Direct)
717-560-9100 (Office)
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Home Improvements: COST vs. VALUE
How to Avoid "Over-Improving" Your Home:
Improvements that MAY NOT Pay Off:
- "High Cost" Remodeling - Add the cost of your proposed improvements to the current market value of your home; if the total exceeds 20% of the average home values in your neighborhood, it is highly unlikely that you will recoup your investment.
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- "Single Use" Improvements - While a pool, tennis court, or putting green may fulfill your dreams, a future owner might consider it a liablity. That said, you might still decide to move forward because the advantages outweigh the negative aspects - just be realistic about your undertaking.
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- Flamboyant Architectural Revisions - You may yearn for gingerbread columns or eye-catching out-of-the-ordinary color schemes, but be aware that you may be "narrowing the field" of potential buyers as you embellish your home's appearance.
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- Inappropriate Interior Features - Here again, be aware that you may need to "reverse" your personal touches in the future. In fact, it might be worth your while and expense to put your individual features into your home, yet keep the original items for replacement prior to placing your home on the market.
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Improvements MOST LIKELY to Pay Off:
Buyers typically look for updated kitchens. Although you may find that new flooring, cabinets, countertops and appliances can be costly, you are likely recover a larger percentage of your kitchen renovation expenses upon resale. If your basic plan is good, simple cosmetic improvements - painting, new floor covering, cabinet doors and hardware - will pay off. Buyers especially appreciate light, neutral colors, plenty of cabinet and counter space, new lighting fixtures and energy-efficient appliances.
Bathroom Addition - Another bath is both a convenience to you now and may also enhance the sale of your home in the future. Two and three bathrooms have become the standard for homes in many neighborhoods making this a viable improvement, particularly in older homes.
Certain Room Additions - Adding a new room is likely to pay off if the addition puts your home in the same class as majority of those in your neighborhood. Media rooms, sun rooms, master bedroom suites with luxury baths are currently hot items - and the extra living space might be just what your family is looking for at this moment. Just keep in mind the current architectural and decorating style of your home as you make choices.
Deck or Patio Addition - Decks and patios increase you home's outdoor living enjoyment for both family and friends. Best "Pay Backs" are decks and patios leading from living areas (kitchen, family room, dining room, etc.) and decks with a view or overlooking your well-kept garden.
Energy Efficiency Improvement - Minor energy upgrades are real winners: caulking, weather-stripping, upgraded thermostats, ceiling fans, etc. Many can be "Do it Yourself" projects which when well done can provide great payoffs.
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Of course these general guidelines vary from home to home and family to family. Feel free to give me a call if you would like a copy of my informative "COST vs VALUE" brochure, and/or if you would like to discuss the current value of your home to help you make an informed decision prior to embarking on a major project.
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REAL SOLUTIONS * REAL RESULTS
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