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Whether buying or selling a home,
it's important to think in terms of value -- that is,
the value that a person gets simply from owning a home.
Much of that value comes from the structure itself and
general property values in the area. But a great deal of
it also comes from what that person does to the house.
"Some remodeling choices add value to homes; others
subtract value," said Sue Sistrunk, president of the
Greater Fort Worth Association of Realtors. "Some unwise
remodeling choices also can make a property extremely
challenging to sell."
The majority of remodeling projects cost more than the
amount the home's value will increase.
However, some types of projects come closer to paying
for themselves when a homeowner does sell. Sometimes, it
makes sense to undertake certain remodeling projects
simply to make the house more attractive to buyers. But
the best reason to remodel is to get more pleasure and
functionality from a home while still living there.
Here are some of the best ways to get the most value
from home improvement projects:
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Invest in a
great kitchen and bath
People are using kitchens to entertain; after all, the
kitchen has become the heart of the home -- the place
people like to gather. So it's no surprise that
top-of-the-line kitchens can be a great remodeling
project. Homeowners are also cooking more, so solid
surface counters in granite, marble, name-brand
countertops are hot, as are professional-quality
appliances. Stoves with more than four burners and
cabinets in maple, cherry and birch are guaranteed to
make even the most jaded homebuyer swoon.
Bathrooms have become private havens, and more people
are adding luxury master baths with jetted tubs or
steam showers like the ones often seen in spas.
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Use wood (or
tile or granite)
Natural materials or synthetic materials that look
natural (like laminate flooring) will attract buyers.
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First
impressions count
Make sure the home looks great from the outside
because a well-kept home always adds value. "Drive
down your street and check out the neighbors' yards,"
Sistrunk said. "Mature, beautiful trees can add
thousands of dollars in value to a property, according
to appraisers."
And don't underestimate the power of the porch. Front
and back porches are back and in high demand.
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Fix it now
It sounds obvious, but fix what needs fixing. If
something's broken in a home -- however minor -- it's
a big value-detractor if it is still broken when the
home is for sale. "Even if you're not selling in the
near future, fixing a problem now can help avoid it
turning into an even bigger and more-expensive repair
in the future," Sistrunk said.
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Paint it
A fresh coat of paint or a new color can do wonders to
a home.
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Check out the
competition -- and get ideas
Visit the neighbors' remodeling projects and tour
model homes and furniture showrooms to check out
current design trends and identify styles that are
popular.
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Prioritize
Make a list of the improvements to be made -- then
rank them in order of importance. "Although you might
love to take a jackhammer to your kitchen, your
priorities might depend on your budget -- in which
case you'll start with painting the trim," Sistrunk
said.
© 2004, Fort Worth Star-Telegram via Knight Ridder
Digital, Nov. 28, 2004.
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