A home remodel can be as simple as a fresh coat of paint.
While homeowners cannot always control the factors that determine property value, remodeling does offer an opportunity to increase the value of a home. Small do-it-yourself remodeling projects such as painting, minor repairs and updated appliances may contribute to an increase in home value. Larger projects like additions, kitchen or bath remodeling, and window replacement may require a more substantial investment, but have a solid track record of helping to increase home value.
Considerations
Remodeling projects geared toward disabled people may increase or devalue the home, depending on the target market.
Carefully consider any new remodeling project before getting started. While an increase in home value may be the desired outcome, post-remodeling goals may dictate various aspects of the project. For example, modern kitchen cabinets may not reflect the taste of the current homeowner, but may help increase the market asking price of the home. Conversely, if an increase in value is desired for refinancing or other purposes, major remodeling projects, such as replacing older windows, updating fixtures or adding a room, may produce the best result.
Do-It-Yourself
Simple, do-it-yourself projects, such as painting or replacing cabinet hardware, may offer many benefits to the homeowner, as well as add value to the home. These projects help to brighten a home and produce a more modern, updated look, which can lead to an increase in home value. Many local home decorating or hardware stores offer weekend classes in various do-it-yourself projects.
Kitchens and Baths
Kitchen and bath remodeling projects have a long track record for helping to significantly improve home value. In some cases, simply replacing older, outdated appliances can make a major difference, while full makeovers can offer the biggest return on investment. However, kitchen and bath remodeling projects can require a major investment, as well as the help of a licensed contractor.
Additions
Adding a room, detached garage or even another floor will nearly always increase the value of a home. Popular additions include extra bedrooms, master suites and sun rooms. Increasing the size of a home from a 3-bedroom to a 4-bedroom will significantly increase its value. Home value calculations for property tax purposes are typically based on square-footage, so any increase in size will result in an increase in value from local tax authorities.
Misconceptions
Not all remodeling projects will help to increase the value of a home. For example, eclectic projects such as gift-wrapping rooms, elevators or dungeons may reduce the potential target market, as well as the asking price. For the same reason, when remodeling, use neutral paint colors, simple patterns and popular decorating choices to produce the biggest increase in value.
Tags: increase value, increase home, increase home value, projects such, remodeling projects, bath remodeling