The state of our market... Part Six

So what are the good improvements to make? Where will you get a good return?
Well, those actually are two entirely different question and issues.

When it comes to what improvements to make, it depends on what you want and what you like. If you are planning to live in your house and you want something, there is something to be said for simply enjoying your home and doing it… as long as it is not too odd or too funky.

For example, if you really want to put in a koi pond, do it. You will most likely not see any money back from the project, but you will love it and it will improve the overall look and feel of your property.

However, if you are looking to invest in things that won’t just make you happy but will be excellent investments as well, then you need to focus in on two areas: kitchen and bathroom. So let’s take the mystery out of this, and again let’s go to the facts.

According to a survey of buyers, here is the list on what to invest in so that you please the most buyers!

36% want a separate shower enclosure in the master bath
31% want an eat-in Kitchen
24% want high-end appliances
23% want granite countertops
21% want a kitchen island

Now obviously we can’t all make these a reality in our houses, but it is just a good general rule of real estate that reasonable, neutral improvements and remodels to both bathrooms and kitchens prove to be excellent investments… and they tend to make your house so much more saleable.

Another interesting set of rooms to focus on would be adding on or remodeling a master suite and a family room. Again, these additions or remodels rarely bring in 100% of their cost back to you, but they tend to get back about 80%. And again, they make your house more appealing to the buyer and for you as you enjoy living there!

Another thing to be thinking about is what you NEED to be investing in as time goes on. When the barn needs painted, paint it, as they used to say. Too often, people let these issues go and have a lot to do to get ready when it is time to sell. It also proves to do be far more expensive to do reactive maintenance than pro-active maintenance! Here is a list that may be helpful as you assess what needs to be replaced and when.

10-20 years
Aluminum windows: 15-20 years
Asphalt shingle roofs: 20 years
Dryers and Refrigerators: 13 years
Air conditioning units: 10-15 years
Furnaces: 15-20 years
Interior and exterior paints: 15+ years

5-10 years
Heat and smoke detectors: 5-10 years
Dishwashers: 9 years
Microwave ovens: 9 years
Carpet: 8-10 years

Next time, we will continue our discussion by looking at actual house values.