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With the plethora of home-improvement shows on TV, its easy for homeowners to believe that any and all renovations to their property will improve their propertys resale value. But that may not be the case. So how do you know which improvements are worth the investment? Read on to see what the experts say on the topic.
Perhaps the least expensive and quickest improvement available, painting is the No. 1 recommendation by professionals in the home industry. The biggest thing they can do is paint, inside and out, says Crystal Livaditis Sloan, sales consultant with Keller Williams Realty/Premier Atlanta. Thats the cheapest way to decorate.
Renovating kitchens also yields a good return. Kitchens tend to recoup quickly, says Eric Rothman, design director for HammerSmith Inc. in Decatur. However, if you dont have the budget or the desire to remodel your entire kitchen, try an easier approach. Simple things like updating kitchen hardware will give a new look, says Kristen Anclein Marshall, managing broker of Coldwell Banker RMR in Norcross. Its inexpensive and easy.
The master suite is another high-yield place to focus your home-improvement energy. Master suites usually return an investment quickly, Rothman says. Improvements to a bathroom also usually reap good rewards.
When deciding if a particular improvement is right for your home, consider the real estate market in your area to find out the probability of recouping your investment. For example, Marshall says a sunroom could be a good choice, but advises skipping a basement completion. Jerome Quinn, president and CEO of SawHorse Inc. in Atlanta, recommends keeping all renovations in line with the architectural integrity of the original structure. Keeping an eye on the transition from old to new and making it as seamless as possible lends value, he says.
One improvement that generates a lot of discussion is a pool. Some experts say pools affect a homes resale value while others say they dont. Ive heard pools can, but I have a hard time believing that, Rothman says. But Marshall advises against a pool. People dont want pools, she says. Quinn agrees with Marshall. They can be viewed as a liability and a nuisance, he says. I dont know that this lowers the value, but it drastically limits those interested in the house.
While improving your homes resale value is an important consideration, remember that this is your home. Therefore, look at more than just the bottom line before making a decision. You need to do something you love, Rothman says. And if you love it, other people usually will, too.
Choose paint for interior
Plan time to paint
Update hardware on cabinets
Plan other changes to kitchen
Revisit plans for master suite
Reconsider plans for pool