Many consumers make major improvements to their homes, in large part because they believe the renovations will increase the value of their properties. I recently read an interesting article on this very topic. The author wrote that improvements don’t always result in higher property values, or even in more interest from potential buyers, and that there are other factors to consider before jumping into certain home improvements.
One excellent example mentioned in the article was adding a swimming pool—an improvement assumed by many to increase the value of a home that in fact doesn’t affect the value at all—and actually might deter potential buyers because of the safety risks and costs of on-going maintenance and higher insurance. The complete article can be found at http://finance.yahoo.com/news/First-Person-10-Home-ac-4117717167.html?x=0.
As a homeowner, the article really caught my attention because some of the points were very valid. And it made me think…what home renovations really are worth it? What types of items would make me as a homeowner happy AND still attract potential buyers should I ever decide to sell? The answer, I believe, is products like insulated siding or replacement windows and doors. New windows, for example, provide immediate benefits—more comfort, lower energy costs—and they would still be attractive to future buyers. I mean, who can argue with an improvement like this? Windows and doors, unlike swimming pools that require costly, on-going maintenance, actually decrease home maintenance. They aren’t like most of the other projects mentioned in the article, which are really a matter of personal taste…these products are something that pretty much everyone would find beneficial.
It’s something to think about for homeowners who are considering making home improvements. It’s important to choose a renovation project that is valuable to you and your home—and that could pay off if you ever decide to sell your home.
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