For the next few days MSM Luxury Estates is focusing on remodeling, and what improvements specifically can add value to your home.
How Does Remodeling Affect the Value of a Home?
If you look strictly at the numbers, most remodeling done in a home should be for personal enjoyment, because you're not likely to make all of your money back when you sell the property. The boost in value from improvements varies; anything electrical you do, like updating the wiring or adding a cost-efficient cooling system, can increase your home's value substantially, and will be reflected in your appraisal, while cosmetic improvements may not affect the value that much.
Paint
MSM Luxury Estates thinks one of the simplest, most cost-effective ways to improve your home is by giving it a new coat of paint. The rooms immediately look clean and updated, which improves the overall "feel" of the house. If your home is on the market, this is one of the surest ways to leave potential buyers with a good impression and decrease the amount of time it is on the market. Because it is a relatively inexpensive project, painting nearly always pays off.
Kitchen
MSM Luxury Estates considers the kitchen to be the hub of the home, where much of the family interactions takes place. Buyers are keenly aware of how much it costs to remodel a kitchen, and would generally like to avoid doing it themselves. Kitchen updates such as tile flooring, refacing old cabinets and updating appliances to energy-efficient models will see a substantial return--approximately 84.5 percent in the San Francisco area, for instance, according to "Remodeling" magazine's "Cost vs. Value Report" for 2009–2010.
Find out what's happening in Beverly Hillswith free, real-time updates from Patch.
Bathrooms
No longer the utilitarian spaces they once were, bathroom renovations yield a sizable return--about 77 percent in the Bay area. Buyers like to see double sinks, new bath fixtures and tile floors. Mid-range projects are going to provide a better return on your investment than high-end projects like towel warmers and fog-free mirrors.
Basement Remodel
While there are not nearly as many homes on the West Coast with basements compared to places in the Midwest, buyers on the Coast and everywhere else want those that do to be usable. Building a living area, bathroom or bedroom in the basement, if there are egress windows, will see an solid return--an average of 91.6 percent in San Francisco.
Find out what's happening in Beverly Hillswith free, real-time updates from Patch.
Windows
Energy costs have made buyers a little more conscious of the quality of windows in a home. According to "Remodeling" magazine, Bay Area residents who replace their existing windows with vinyl windows will see a return of about 88.2 percent, while those who replace them with new wood windows will earn approximately 85.4 percent back on their investment.
Projects to Avoid
Adding a swimming pool rarely pays off when you try to sell a home. In fact, some home buyers don't want to be bothered with the safety or upkeep issues of a pool and will avoid a property that includes one. You don't have to cut corners, but don't add improvements that go beyond what is typically found in your neighborhood, as you don't want to have the most expensive house on the block. This means that mid-range appliances in the kitchen might be a better alternative than high-end appliances buyers don't want to pay for.
If you are interested in buying or selling a home please contact MSM Luxury Estates at 310-402-2258.
Source: Dana Sparks
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