| GENERALLY
SPEAKING, there are two ways to go about making home improvements. Either you
splurge for something purely for the sybaritic pleasure of having it — the
Italian marble bathroom you've dreamed about; that skylight that your spouse has
been hinting at for the last six years — or you take a pragmatic approach,
buying an energy-efficient furnace or repairing a leaky roof because you want
to increase your home's market value. Don't
expect to score on both counts. "Just because you pour $20,000 into your
home doesn't mean that your house is worth $20,000 more," says Frank Dell'Accio,
a real-estate broker in Lindenhurst, N.Y. "I had a guy who invested $100,000
in a $130,000 home after he lived there for four years. He put it on the market
at $225,000. He was offered $170,000." His mistake: spending money on amenities
that were only peripheral to the value of the house. "He wanted phones in
the bathroom," says Dell'Accio, "but [who else is] going to pay for
them?" Exactly
how much you'll recoup in costs depends on several factors, including the direction
of the broader housing market, the value of the homes in your neighborhood, when
you plan to sell the home and the nature of the project itself, explains Jim Cory,
senior editor of Remodeling magazine. In the hottest housing markets, you could
indeed earn more than your investment back on a remodeling project. A new deck
in Boston, for example, recoups 139% of its costs, according to Remodeling magazine's
latest survey (which assesses the cost recouped should the house be sold within
one year of project completion). But you shouldn't count on those types of returns.
In Baltimore, the same project is likely to only recoup 57% of its costs. And
keep in mind that the longer you hold on to your home after a remodeling project
is completed, the less likely you are to recoup its value. That's in part because
design tastes can shift significantly over time. Remember when avocado green was
all the rage? Also, there's little reward for having the fanciest house on the
block, warns certified financial planner Dee Lee of Harvard, Mass. A house that's
priced higher than its neighboring homes could be perceived as overpriced —
even if it does have more value. This
section examines a few improvements that pay off more often than not — and
some that rarely make a difference when it comes time to sell your home. Painting
If you're planning to sell your home in a year or two, a fresh coat of paint could
make the sale significantly easier. "People don't like buying other people's
problems," says Rhode Island broker William Eccleston, "and a coat of
paint can cover a lot of problems." Professionally painting the exterior
of a two-story wood-sided house costs an average of $8,336 and recoups 74% of
its cost, according to Remodeling magazine. "A clean, neat, orderly, fresh
coat of paint, that's what sells," says New Jersey broker Steve Krawse.
Kitchens
Even a few basic improvements to your kitchen can pay handsome dividends, says
real-estate agent Michael Murphy in his book "How to Sell Your Home in Good
or Bad Times." Murphy writes: "For most buyers, [the kitchen] is the
heart of the house. Paint, wallpaper, and even refloor the room if necessary.
Consider sanding, staining or painting dingy-looking cabinets. Replace old cabinet
hardware — a low-cost improvement that makes a big difference in appearance."
Just be sure to go with a classic design and, if possible, use high quality materials,
says Remodeling magazine's Cory. After all, good taste endures. The
average amount spent on a major kitchen-remodeling job in the U.S. is $38,769;
refinishing an outdated one averaged $14,773, according to Remodeling magazine.
The all-out kitchen makeover nationally recouped 80% of its cost, the more moderate
overhaul was valued at 87%. Creating
New Space
As a rule, improvements that increase the functional space of a
home hold their value longer than ones that just make a house look better. It's
also significantly cheaper than adding an addition to your home. Converting an
attic into a bedroom suite, for example, usually costs about $31,366 and returns
about 73% of its cost, according to Remodeling magazine. Turning your basement
into a room for socializing will set you back, on average, $39,658, and allow
you to recoup 69% of your costs.
Article continued at http://www.smartmoney.com/home/living/index.cfm?story=pay
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