You may have been thinking about remodeling that bathroom or perhaps replacing the roof but can't decide which will give your home more value. Think about it no more! Here are a few tips that will help you determine what will indeed increase the value of your home.
Tip #1 Know the difference between adding value and adding desirability ("sell-ability")
Many people assume that since they have just spent $10,000 for a new roof that automatically their home is now worth that much more, SORRY, its not! The basic components of a home do not influence the value of your home as much as we think. It is assumed that when your home's value is called into question, things like walls, roof, doors and windows are in good working condition and thus are not taken into account when considering the actual value of your home even all of these are good examples of things that will make your home superior to the exact same home across the street when competing to sell.
Tip #2 Know when enough is enough!
The key to adding value to your home is knowing your limits. Everything costs money to fix, replace and/or remodel, so keep this in mind as you contemplate between gold toilets and poreclain ones. Should you go out and buy the best stuff for your house? Of course you should, but just like everything else best does not equal most expensive. Also, if you happen to live in an area of the city where the average home sells for $200,000, don't expect to remodel your home to the nicest in the neighborhood and get over $500,000. Your house based on its location has limits as to what it can be worth as the value of your home depends very much on location, location, location!
Tip #3 Not everyone is an expert
I am sure that you trust your father who has sold insurance for 25 years in another state or perhaps your college buddy who currently is the chief of medicine at your local hospital but lets be honest, real estate is not their thing! Would you tell your buddy how to perform an emergency tracheotomy? or perhaps advise your father on the difference between whole life insurance and variable life insurance? I hope not! When assessing the current value of your homes, speak to a professionally licensed appraiser or real estate agent!
These are just a few tips that I have learned and hopefully they will help you in your quest to add value to your home! Happy "value-ing"!
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