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While home prices continue their downward trend, there are things that homeowners can do to maintain and even add to their home’s value. While reading HamptonRoads.com today, I ran across an article entitled, “In tight housing market, remodels catch eyes, add value” that talks about one of the ways homeowners can increase their homes’ value and attract more buyers that are serious.
According to this article, remodeling is fast becoming one of the best ways to add value to your home and make it more attractive to prospective buyers. The article warns, however, that while it is important to concentrate on high-value areas like the kitchen and bathrooms, too many homeowners forget something equally as important, using high quality materials. Sure, you can save some money in the short term by using materials of lesser quality, but in the long term, you could minimize the value you add. A study by the Harvard University Joint Center for Housing Studies shows that homeowners who spent 2.5 times more on improvements to their homes increased the value to their home by 100%, whereas homeowners who spent less only added 50% of value to their homes.
The amount of money that you spend is not the only important thing. It is important to choose high-quality materials that are traditionally popular in order to make your house attractive to a wide range of buyers and tastes over years of evolving trends.
There are more homes for sale at present than qualified buyers and this has caused home prices to drop in many areas across the country. If you are thinking of performing some renovations or remodeling, I recommend that you read the tips and advice in this article before you do so in order to find out how to maximize the return on your investment.
