by Dell Claiborne
My wife and I are going back and forth about which home project to undertake this year. I want to install a hot tub on our back deck. She says it’s more important to upgrade the appliances in the kitchen. Which home improvement projects in general add the most value to a home?
This is a great question. Given the current housing market many homeowners are making the decision to make improvements to their homes, not only to increase value, but to be more competitive with other homes for sale. With all the home improvement options available, you don’t want to sink money into an improvement that isn’t going to give you the most bang for your buck. According to a 2010 report by the National Association of Realtors, making a minor kitchen remodel will recoup 73 percent of the costs associated with the remodel. This percentage is based on national averages. I would say that if you can, in addition to upgrading your kitchen appliances, doing something as simple as painting or resurfacing your kitchen cabinets can add value and isn’t a huge undertaking like purchasing new cabinets. The same report lists replacing your front entryway door as the number one value-based improvement. Your front entryway is a big part of the initial impression potential buyers get of your home and plays a major role in its look. If you would like to take a look at the rest of the NAR report, as well as many other useful tips from around the real estate industry visit www.realtor.org.
While I think that having a hot tub on your rear deck is a lot of fun, I can’t justify making that addition over upgrading your kitchen appliances. So listen to your wife. She’s smart. That’s why you married her.
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