Tags: home | improvements | housing | property value

CNNMoney: It Just Might Pay Off to Keep Up With Neighbors on Home Improvements

By    |   Monday, 24 Mar 2014 12:59 PM


It's not in your best interest to be the neighborhood slacker. You should invest in improvements that keep your home on par with your neighbors' houses, advises CNNMoney.

Styles change and have an impact on property value. If it has been years since you've made any upgrades or improvements, it's probably time to do some work, suggests John Bredemeyer, an appraiser in Omaha.

“You never want to exceed the neighborhood norm, but you definitely want to stay up with it,” he tells CNNMoney.

Editor's Note: Free Video — ‘Rogue Calendar’ Could Turn 490% Profits

Don't be deterred by fears that renovations will break the bank. With $5,000 or less, it's possible to make notable improvements, experts say.

One area that has greatly changed in American households is the closet. Small one-rod closets were popular in the 1970s. Now, that's a big turnoff for buyers who generally want lots of space, Ellen Klein, a New Jersey realtor tells CNNMoney.

Jason Gettum, a design and remodeling contractor in Indianapolis, suggests installing a closet on each side of a centered bedroom window and creating a window seat between them.

It's a job he says will probably cost less than $2,000.

Or if you don't want to invest too much in the closet, you can install an organizing system with additional rods, shelves and baskets for about $50.

Also consider getting the laundry room out of the basement. Just because you've been trekking to the lower level all these years doesn't mean others will want to make the same trip.

Installing a washer and dryer on the second floor, close to bedrooms and bathrooms, is becoming increasingly popular, Lou Mihalko, president of a general contracting firm in Pennsylvania, tells CNNMoney.

He says the cheapest way to make the switch is to stack two front loaders in a closet or corner that abuts the bathroom. You'll minimize the necessary plumbing work and it shouldn't cost more than $2,500, plus the appliances.

But if you really want the best return on your investment, install a new garage door, the Porterville Recorder reported.

Each year, Remodeling Magazine releases the "Cost vs. Value" report, which realtors use to compare the price tag for remodeling projects against the value of those projects at resale.

In the 2014 report, a mid-range and upscale garage-door replacement ranked very high for best value among projects below $5,000.

A replacement steel front-entry door ranked first in the poll for "midrange" improvements with an estimated $1,162 project cost.

If you plan to stay in your home and improve its value, focus on curb appeal so that your house is attractive as possible from the outside, Gale Steves, former editor-in-chief of Home Magazine tells the Porterville Recorder.

Editor's Note: Free Video — ‘Rogue Calendar’ Could Turn 490% Profits


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It's not in your best interest to be the neighborhood slacker. You should invest in improvements that keep your home on par with your neighbors, advises CNNMoney.
home,improvements,housing,property value
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2014-59-24
Monday, 24 Mar 2014 12:59 PM
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