Although you have very little say when it comes to overall economic market conditions, there are several things that influence property values that are very much within the scope of your control. These issues include:
- Condition of your property,
- Specific home improvements
- Neighborhood stability and safety
- Quality of neighborhood schools
There are specific home improvements that can increase the value above the cost of the improvements.
Adding a master suite, additional bathroom or remodeling a bathroom can bring you returns up to 80%. Increasing square footage will nearly always result in an increase in value, and the addition of an extra bedroom and bath most often will yield the largest return. Not only will increasing the bedroom and bath count in your home increase value, but it will open your home to a much broader spectrum of buyers making resale easier and quicker.
Luxury home improvements such as swimming pools are for your enjoyment and usually don’t increase the value in your home.
School system ratings are sometimes overlooked by homeowners especially those who don’t have school children at home. However, they will almost never be overlooked by buyers. The quality of area schools is often listed as a buyer’s top-most priority. Constant vigilance by area homeowners as to the quality of education in neighborhood schools plays an extremely important role in maintaining the desirability and thus value of real estate in any community. To improve your schools is to improve the value of your property.
Finally, when considering any home improvement, remember, quality pays. Well-planned and well-executed remodeling jobs are usually a good investment, while bad work seldom enhances value or livability.