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HOW
TO ADD VALUE TO YOUR HOME Not all home improvements are the same! All of them increase the pleasure you take in your home, but some of them increase the resale value more than others. According to the National Association of the Remodeling Industry (NARI): adding a fireplace in your home can increase your resale value by 160%. For example, a $5,000 fireplace will add $8,000 to your selling price. Contrary to popular belief a swimming pool does not hold water as a capital investment; an average pool, costing $19,000, will only add 33% or $6,500, to the value of your home. Many buyers consider a pool as a safety problem and a maintenance burden and expense according to NARI. A new full bath does hold water, because you get the luxury of an additional bathroom while your home appreciates 125% of the installation cost. Also, a green house added to your home will blossom into an added value of 100% of cost. Skylights and kitchen renovations increase your resale value by 95% of their costs. HOMEOWNER MAGAZINE reports that a new roof not only eliminates leaks, water damage, and homeowner headaches, but also adds 12% of its cost to the value of your home. Other profitable improvements are attic or basement conversions; returning 110%-125% of costs. A new deck or patio returns 100% of cost. Most other common improvements return 69%-90% of their costs, for example: new bedrooms, windows, landscaping, and air conditioning. Energy upgrading, including installation of weather stripping adds 30%-50% of costs, but also pays for itself over time through reduced fuel bills. All these figures are based on installation costs charged by professional, licensed contractors. The do-it-yourself homeowner can realize even higher percentages of increased value. However, they risk creating numerous safety hazards, to say nothing of having costly code violations when a potential buyer orders the standard home inspection. Correcting or redoing work always costs more than doing it right the first time. Professional contractors guarantee their work and services for safety and conformity to code. Regardless of the amount, additions increase resale value. Additions should be undertaken on their merits. Ask yourself, "Will this addition increase the quality of daily life in my home?" After all, whatever you do should be an IMPROVEMENT! |
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Send
mail to randy@randydurham.com
with questions, comments or requests for info. Copyright © 1999-2008 Randy Durham ,LLC
Licensed in TN & GA (423) 664-1900
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