Even if you aren’t planning on selling your home in the next five or ten years, you may still want to look into ways to improve your home’s value. It may seem nearly impossible to sell your home for anywhere near what it was worth just a few years ago, but by making some relatively simple updates you may be able to still cash in on it’s overall value (regardless of when you plan to sell).
There are certain factors that pay off more than others, and by spending a bit on a few upgrades you may be able to get your money back and some.
Security: Security features can make your home look more valuable to those looking to buy. Upgrading certain security features may cost a bit, but the payoff can get you the money you spend back and some.
Useful Rooms and Adding Space: Basements and attics are no longer seen as the utilitarian ‘junk rooms’ they have been known for. By updating these areas you are adding in more livable space to your home, and increasing it’s overall value. Those looking for a home may be more likely to buy one with these rooms finished.
Opt for utilitarian and lasting: Buyers are looking for parts of a new home that will be able to stand up to the elements and stay together.
The largest payoff according to Remodeling today however, is simply adding a steel door to replace an existing entry door. It can give you more in the end (using their figures, the overall job will cost $1,172 with a payoff of 1,470. Altogether a 128.9% return on the first investment).
Look into more specific research for your area by checking out Remodeling Magazine’s tool: Remodeling 2009–10 Cost vs. Value Report for some great area-specific ideas. Where you live can effect the updates that will have the most impact on the value of your home to potential buyers.
