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WHICH UPDATES ADD VALUE AT RESALE TIME?
Thinking of remodeling or enlarging your home? The important question is: 'Which items will add value to your home and help with resale when the time comes to sell?' The answer is: 'Only the ones that future buyers will also want and be willing to pay for.'
As a general rule, choosing the functional over the merely cosmetic and choosing neutral over unusual or exotic will pay at resale. Taste and current trends can also affect the value of an update. Unusual colors have a limited appeal.
Which updates will add the most value to your home?
The November, 1998, issue of Realtor Magazine 'Cost vs Value Report' says, "Chosen carefully, with an eye to local market conditions, home improvements can add most of their cost to the resale value of a home immediately. And rather than depreciate with time and use, well-maintained improvements hold their value, appreciating along with property values". They summarized the report with the following table:
PUTTING YOUR MONEY WHERE IT PAYS ... predictions based on resale value within one year of project completion (cost recouped, national average).
If an option will significantly enhance your enjoyment of the house while you live in it - after a hard day, a soak in the whirlpool really hits the spot - then it may be a good investment for you even though the next buyer may not fully pay for it.