How much to budget for home maintenance and repairs to increase home value ?
Making slights improvements in the home do have a tremendous impact in determining the home’s value. Usually, home improvements such as updating kitchen, remodeling floor, painting walls, restructuring bathrooms, result in an increase in the overall market value of the home.
Kitchen Remodeling :
Usually 85 to 90 percent of the invested amount is the average return on any average improvement made in the kitchen. These improvements might include replacing tiles on the floor, replacing old cabinets or even installing energy efficient appliances.
Usually 80 to 90 percent of the costs incurred over bathroom renovations are recovered. A simple modification such as adding a new bathroom can help in easy selling of a home. One could also install double sinks, change the floors and replace existing bath fixtures and faucets as a part of bathroom renovation.
Other home renovations that can significantly add-up to the home value include construction of a fireplace, installing better heating or cooling systems, building a deck or a patio, renovating interiors of the house, or replacing old doors.
It is not always required to spend huge amounts of money while renovating a home. Even small investments can have a large impact on improving the home value. Expensive improvements such as construction of a swimming pool should only be made for personal enjoyment. Any such renovations made for the purpose of increasing home value usually do not meet the purpose. They might even make the sale of the home difficult in many circumstances.
Another important criterion that must be considered while renovating a home is to look around in the neighborhood. Improvements should be made in accordance with the available homes in the surroundings, keeping in view the tastes of a broad range of buyers.