Tips on adding Value to your Madison County Home.
Many new homes these days are focusing a lot of the square footage on master suites. Not just large bedrooms, but a complete getaway retreat within your own home. Clearly, builders know that a beautiful master suite ranks high on buyers' lists.
But for older homes will adding a new master suite produce a return on the investment when it comes time to sell? It's a question worth asking before launching into any remodel, particularly if the work is being done with a higher selling price in mind.
Real estate professionals and trade publishers offer up statistics each year that help in sorting out answers. In looking at the results each year on a national average, most improvements will not recoup your full investment if you sell the house within a year. Of course, exceptions abound, depending upon the region, the vibrancy of the real estate market, and the type and cost of improvements.
In hot real estate markets filled with aging houses, returns on investment are higher than returns in slower areas, and the returns generally exceed the costs of improvements. Hot markets include Honolulu, San Francisco, San Diego, Seattle, Minneapolis, Boston, Philadelphia, Birmingham, and Garden City.
Certain kinds of additions do much better in particular places. Building a deck in San Diego or Hawaii is a solid bet. Adding a family room in San Francisco or Garden City will typically return upwards of 140 percent of the cost. Almost any major improvement in Garden City returns more than 125 percent of the cost.
Which improvements return more than others? Minor kitchen remodels are always a standout, but the national average for cost recouped is only 88 percent. In other words, in higher-end real estate areas, if you revamp cabinets, change appliances, and recover your floors, you're likely to get your money back—and then some. But in slow-moving areas, you won't. Bath remodels and major kitchen remodels are a close second.
Improvements such as adding a home office or replacing windows or siding are chancier. Your results will depend heavily upon where you live. Ask your Exit Realty of the Valley Agent for what helps sell in the Madison County area.
Of course, certain improvements give a house more curb appeal or help it to sell more quickly. Replacing shoddy siding on a house will not only boost the home's resale price but also make the house look more appealing to more buyers.
Then again, if you intend to live in your home for years, short-term return-on-investment figures don't really matter. The longer you stay in your home, the longer you enjoy a higher quality of life because of the improvements you make. And you can't put a price on that.
For more information on what improvements will help boost your home sales in Madison County, call on the agents at Exit Realty of the Valley.
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