Home improvements do not always mean you add value to your home. To help you understand more, the Appraisal Foundation shares some facts about home remodeling and its effect on property value. Here’s a quick overview of the things you need to know:
- Spending for renovation does not mean adding value to your home;
- Your remodeling project may be substituted by something a buyer can do at a cheaper cost;
- Home improvements that present energy-saving features usually increase the value of your home;
- Geographic location also determines whether a project adds value to your home or not;
- Regular maintenance and inspections are as important as home improvements;
- A clean house makes it easier for appraisers to inspect your house and gives a good impression to appraisers and other people;
- Keeping a record of all renovations, inspections, maintenance, and repairs make it easier for appraisers to review your home; and
- Without the intention of improperly influencing the appraiser, sharing information on home improvements and maintenance are mostly welcomed.
The value added to your home for an improvement or remodeling all depends on how much a buyer would be willing to pay for that project.
To learn more about the eight facts on remodeling and the appraisal of your home, please read the full article from Huffington Post here.