Homeownership is an investment, and with all investments, we want a return on our money. There are things we can do that will get a greater return and things that DO NOT get a return for our money invested in our homes.
Things that generally ADD value:
- Adding above grade (non-basement) square feet via additions
- Adding Bedrooms
- Adding bathrooms
- Remodeling kitchen
- Remodeling bathrooms (especially master bathrooms)
- Finishing basement
- Painting interior with neutral colors (grays, whites, browns, etc.)
- Moderate sized decks, patios and porches
Things that generally do NOT add value:
- Doing the home remodeling yourself to save money. Unless you are a professional, it is better to leave home remodeling to the professionals.
- Painting interior with wild non- neutral colors (reds, blues, greens, purple, etc.)
- Solar Panels
- Swimming Pool or Personal Spa
- Extensive Landscaping
- Adding a walk-out/up basement to existing basements
- Oversized decks, patios and porches
- Wine cellars
- Man caves
Remember, just because you like it, doesn’t mean other potential buyers will. Also seek advice from a Real Estate professional before making renovations to your home to ensure you are getting the best return on your investment.