Most homeowners assume that remodeling their kitchen can significantly increase the value of their home, but fewer homeowners recognize that the increase may depend on the degree of remodeling and the costs involved.
Cost does not necessarily equal value. “Not every renovation will pay off at closing,” says Richard Powers, MAI, SRA, President of the Appraisal Institute. Powers offers a few dos and don’ts of home improvement that may help consumers sell their homes for more or more quickly:
• Don’t overimprove. Look for what’s standard in the neighborhood. Adding a deck might seem like a good idea but if no one else in the neighborhood has one, you may not see a return on investment.
• Do invest in basic upgrades. Fresh paint (stick to neutral colors), new fixtures, flooring and lighting in kitchens and bathrooms can pay dividends.
• Do consider adding an extra bathroom. Homeowners can often recoup the extra cost of a bathroom at closing because of the appeal that extra bathrooms have for homebuyers.
• Forgo the swimming pool. Pools generally turn off more people than they attract...
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