What Renovations Have the Biggest Impact on Housing Values?

When it comes to renovations some projects add value and some actually take away from the value of a home. When looking at spending money on home upgrades it is wise for consumers to consider the impact on resale value.

The top five renovations that build home values:

Updates kitchens. The kitchen is where the center of activity takes place in the home. Any improvements made to the kitchen will generally payoff. This can be as simple as cleaning the grout and replacing the door knobs on the cabinets. In the mid-range it could include updating appliances to stainless steel and putting in new countertops. Large renovations can include new cabinets or opening up the space to an open concept that is popular with buyers.

Bathrooms, like kitchens, are a great place to upgrade, update and renovate. Simple updates can include things like re-glazing the tub, updating light fixtures, or putting in a new sink or toilet. Larger renovations might include enlarging the shower, adding a separate tub, and re-tiling the shower area. All of these improvements will add value to the home.

Going green. Over the past decade green home improvements have added substantially to property values. Cost effective solutions include adding ceiling fans to each room or installing storm doors. More expensive but valued options can also include updating windows to double or triple pane providing a high level of energy efficiency. When upgrading appliances or HVAC systems, purchasing energy star appliances add value. Upgrades like solar water heaters, solar panels and other more expensive measures, homeowners should seek recommendations to consider resale value. These upgrades will add to the value of the home, and save money while the homeowner is in the home, however, the return might be lower than desired.

Adding curb appeal. Realtors often advise customers to provide good curb appeal. This means different things to different homeowners. Sometimes adding lots of flower beds and high maintenance gardening is actually a turn off for buyers. Adding a sprinkler system, a deck, or a sitting area with a hardscape can provide more value to a buyer. They are low maintenance options that provide entertainment without a lot of upkeep.

Technology. Buyers love technology as do most homeowners. Adding surround sound in the area where the television is, provides a great investment. Adding new programmable door locks, programmable thermostats and other advanced technology will add value to the home.

Top renovations don’ts would include adding a pool, over renovating a garage into something other than a garage. In general buyers want to be able to keep bedrooms as bedrooms, and garages as garages.

Homeowners should always be looking for ways to maintain their homes while they are living in it, not just when they are ready to sell. The better homeowners do this, the less must be done to attract buyers, when the time comes to sell the property. While homeowners want to be able to personal their space, it is always wise to consider the impact of renovations and improvements on potential buyers. Doing this will not only help the home sell faster, but will provide the highest resale possible.

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How the Green Movement is Impacting Home Ownership

Sustainable living is a popular buzzword today in many circles. Saving money has also become a popular concept that has reached the ranks of all income levels. Combining environmental concerns with saving money makes sense for homeowners. Fortunately prices for energy efficient designs are at a price point where it is available to homeowners in all price points.

Green Remodeling Options

Green remodeling can come in many shapes or forms. It can be as simple as sealing doors and windows to converting all the lighting to energy efficient options. Most energy companies offer free energy audits. This is a great place for homeowners to start. The biggest bang for your buck starts with sealing the air loss in the home. This can happen with increased insulation, insulating attics and places that have minimal or no current insulation, new windows, and cleaned duct work. These procedures will not only improve the air quality, but will reduce utility bills.

The next step consumers generally turn to are energy efficient appliances. With the Energy Star Rating system it is easy to compare appliances with regard to energy efficiency. The ratings include all appliances from televisions, to washers and refrigerators. Most appliances have the Energy Star Ratings allowing consumers to select the most efficient models.

The last step, and perhaps the most talked about, is converting to solar panels for electrical use and solar water heating. These are more expensive conversions that have much longer return on investments. They are however, more noticeable when looking at reselling the home.

Implications for Resale

Keeping track of energy efficient upgrades is the best way to get the value from a resale point of view. Keep receipts for the projects you have completed. This might include simple things like installing low flush or dual flush toilets and low flow showerheads. They make a big impact on water bills and are not expensive conversions. Documenting the upgrades along with the reduction in utility bills will help potential buyers see the value.

With larger projects look for rebates and government incentives before starting the upgrade. This applies to HVAC systems, windows, doors and often appliances. Solar panels and solar water heaters might also have incentives depending on where you live. These incentives can reduce the return on investment by over 50%, making them more financially feasible.

Quality of Life

Green remodeling not only impacts the environment and your wallet, it can also improve indoor air quality. Green initiatives will reduce the cost of operating the home, and conserve natural resources. Will millions of Americans suffering from allergies and sensitivities to the chemicals used in our homes, energy efficient and environmentally friendly options are more important to home buyers. Marketing your home as energy efficient and documenting improvements will enable sellers to get the maximum value for their homes with a faster sales cycle. Green living is becoming more than a buzzword, it is becoming an expectation.