One of the most common questions I get in the real estate world is “Will this improvement add value to my home?”
My answer is usually “Yes, but....”
That “but” is big in this situation. Doing improvements will increase home value. But it probably will cost you more than it’s going to make you.
Most major home improvements, like vaulting ceilings, adding a bedroom or bathroom, or replacing windows, will not net you anywhere close to how much you spend on them. In fact, a lot of these improvements will only pay you back maybe 50% of the original cost.
This is, of course, if you have it professionally done. I strongly suggest hiring out major improvements and working with a reputable contractor, unless you really know what you’re doing. If things are done half-assed, it could actually end up costing you more money, or worse, resulting in injury. But if you can do something well yourself, the potential for making money from improvements increases.
So what does that mean for you? It may not be worth it to shell out for improvements if only for the purpose of increasing the value of your home. If you’re going to live in the home for an extended period of time after the improvement is done and you want it for your own enjoyment, by all means, the feature is worth it. But if it’s only to make more on the sale of your home, then I strongly suggest that you reconsider.
That said, there are indeed some things that will help you get more money out of your home. Many of these are focused around smaller details that improve curb appeal and make the buyer feel as if the home has been well-maintained. The following are my best tips for selling your home when it comes to making improvements.