What Renovations do for the Value of a Home

Can't stand that wood paneled den for one minute longer? Tired of cooking your dinner in a 1970's harvest gold kitchen? Perhaps it is the aqua and pink tile in the bathroom that is sending you over the edge. Relax, compose yourself and before you start your renovations, step back and ask yourself: What do I expect these renovations to do for the value of my home? What are the best home improvement projects to undertake?

With the economy still struggling, many families are choosing to stay in their current homes and renovate rather than move. Before you get your blueprints out, be aware that not all home improvement projects are created equal. Some projects will increase the value of your home, while others will sometimes make it tougher to sell. If you're trying to sell your property soon for the highest possible price, your priorities are likely somewhat different than if you're planning to stay for a few years and want to just improve your home for your enjoyment. (If this is the case, feel free to add that second story dance studio you have always wanted!) But, if you think you might be selling in the near future, focus on renovations that are more likely to get your money back.

Here Are My Favorite Four remodel projects that add value and improve the comfort of your home:

1) Kitchen. Simply put, most people want a spacious modern kitchen with updated appliances. Keep in mind for selling, as much as you might love it, a gourmet kitchen might be considered over the top for the average person that enjoys "take-out" on a regular basis.

2) Bathrooms. Updating an out of date bathroom will enhance the value of your home as well as add to your daily comfort. Simple and inexpensive changes such as new fixtures and a fresh coat of paint can go a long way. Neutral colors and styles are more likely to hold their value for a longer time.

3) Outdoor. Adding curb appeal is always appreciated by the current and future owner of any home. A new door, landscaping, and a outdoor deck can do wonders for your mental state as well as your resale value.

4) Roofs and Windows. Although this is a pricey one, not replacing them can have an ill effect on your sale price when you do go to sell. Buyers expect these items to be in good condition and not to require replacing them soon after moving in. Stick to standard sizes and shapes that appeal to the masses when it comes to windows and traditional colors of black or grey for the roof.

Be Aware of These Tempting Two remodel projects that sound good but actually add less value to your home and even hurt your chances of selling in the future:

1) Luxury Upgrades. We all love to admire that gorgeous dream kitchen from a magazine, but chances are, most people aren't going to want to pay an extra $5,000 for your home to cover that $7,000 refrigerator instead of a $1,200 alternative, for example. If you pay thousands of dollars for top-of-the-line appliances and counter tops, enjoy them now. For most of us, you can still have a classy and modern house without springing for the luxury upgrades.

2) Swimming Pool. It may seem like a swimming pool is a sure bet for raising the value of your house, but it can be seen as a determent to many buyers who might have small children and pets, or those who are not prepared to pay the ongoing maintenance bills. If you are going to put in a pool, make sure you live in a climate where it is usable most of the year. Let's just say, a pool in Wisconsin isn't likely to be high on buyers' lists as a must have.

The bottom line is that if you are looking for resale value, renovations should be in sync with the rest of your home as well as your neighborhood. Don't spend all of your money and time upgrading one perfect room, only to have the green shag carpet in the rest of the house left woefully unchanged. That being said, even if you don't plan on moving any time soon, roofs, appliances, and flooring wear out over time and need to be regularly maintained for your family to enjoy through the years. While renovations can help your home sell faster and at a higher price, the truth is that no matter what you do, you’re not likely to make back 100 percent of your investment. So whatever renovation you undertake, make sure it improves the quality of your life while you’re still living there.