Projects With the Highest Resale Value
Installing new windows can be beneficial for more than one reason. On an average house, 30 percent of energy is lost through windows. They are not only important in terms of energy issues, but they are also a signal to a future buyer that the current homeowners have really taken good care of the house.
Almost any project has the potential to negatively affect resale value. A general rule is that the more personal your choices are -- meaning they're made to suit your particular lifestyle or taste -- the less likely they are to have a positive effect on resale value.
This doesn't mean you shouldn't do the project. It just means you shouldn't expect it to add value to your home and should anticipate that your home may be more difficult to sell as a result. For example, while a soundproof music studio might be your dream come true, it won't be practical for a young family looking for an extra bedroom for their new baby. These types of buyers won't pay the premium it cost you to build the studio and they may be turned off by it.
Here are some general indicators that a project might have negative resale value.
Luxury upgrades. While no one wants to see the absolute cheapest renovations in a home, the highest-quality upgrades often don't have the return of mid-range ones, unless you're in a very high-end home. Marble floors in the bathroom or custom cabinets in the kitchen may be nice, but you shouldn't assume buyers will pay proportionately for these luxuries.
Rooms that don't fit with the floor plan. Converting the back patio to a family room may be a perfect way to add more space to your home but, if your dining room window now looks into the family room, it probably won't be well loved by buyers.
Garage conversions. Garage conversions can give homeowners much needed space, but buyers like having garages, so converting this space usually won't increase value.
A swimming pool. A pool may seem like the ultimate luxury to you -- but when it comes to selling it could be more of a hindrance than a help. It may be seen as a safety hazard by parents with small children. Consider also whether it's usable most of the year -- while a pool may be a real selling point in parts of Florida and California, it could be a serious liability in Minnesota or Wisconsin.
Lifetime Exteriors Inc.
Posted by Public Relations Done Right
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