By Nate Sanford
Every appraiser can tell you stories about homeowners who spent thousands remodeling their homes only to discover that it didn’t add a dime to their resale value. So, even though you might think that imported chandelier would look terrific in your dining room, that doesn’t mean buyers are going to be willing to shell out extra money for it. To get the biggest bang for your home improvement buck, stick to these proven winners:
#6: Refurbish your basement or attic
A basement or attic family room, home theater room, or rec room adds to your home’s usable square footage—one of the best ways to add value.
#7: Add storage
Most new homes have lots of storage space whereas older homes tend to lack even basic storage options such as coat and linen closets. If you lack the space to expand or build closets and other storage spaces, consider redesigning the spaces you do have.
#8: Increase square footage
According to a National Association of Realtors study, each extra bedroom adds 4 percent to a home’s value. A garage or basement laundry room reduces a home’s value by 2 percent, so if you plan on adding square footage, build a laundry room inside or on one of the main living floors.
#9: Choose upgrades that buyers value
There are plenty of minor upgrades that buyers value, including:
- An alarm system
- A water filtration system
- Luxury touches such as an upgraded dishwasher, whirlpool bathtub, or built-in wine cooler may pique buyers’ interest.
- For luxury homes, in-home theater and additional spa-like features for bathrooms are proven value adders.
#10: Don’t go overboard.
Always keep in mind that the value of your home is largely determined by the value of your neighbors’ homes, so don’t make improvements that raise your home’s value significantly above the average value in your neighborhood.