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Showing posts from April, 2014

Home Improvements that Pay Off – Part 2

It is important to keep in mind that the same home improvement project can affect the value of a home differently depending on not just the region but the neighborhood. For example, in some parts of the San Francisco Bay Area, installing a swimming pool can increase a home’s value more than in others. In places with a cooler climate, a pool may be installed by a person with special exercise or health needs. But it may not add in any significant manner to the value of the house as the utilization of the pool by the average homeowners may be little to nothing because of the low temperatures. Conversion Vs. Addition It is often assumed that additions to a home will result in a significant increase in value. This is not necessarily so. How the addition fits into the existing structure, the way it affects aesthetics and other factors work to determine the market value of the additional space that has be gained. Keep in mind that a buyer looking for a 3 bedroom house wil

Home Improvements that Pay Off – Part 1

Bringing in a new front door will increase the value of a home by 96.6% of the cost of the door. So why is this important? A homeowner or family starts to think about home remodeling when the home begins to look stale and dated, when it no longer meets the occupants’ needs or when more space is needed to meet new demands. These are all valid reasons for remodeling a home but there is one aspect of this major project that is often overlooked. How much will the renovation add to the value of the home?  This may seem like a redundant question to those who are not considering selling their homes. But the house forms a huge part of their equity and anything that adds to its value works to their benefit. And suppose for some unforeseen reason there is a need to sell the house. Will the tens of thousands of dollars spent of remodeling it be translated into a higher market value? Increasing the market value of a home is not the sole reason for home remodeling – a home is mor