When it comes to building a new home or remodeling your current abode, choosing where to spend your hard-earned dollars is always quite a dilemma. The big question is usually, “Will __________ (insert any upgrade you want here) improve the value of my home” or some variation of this head-scratcher. I’m not sure if, as people, we need to justify our extravagant wishes somehow, or if I’m just reading too much into the question, which is most likely the case. Anyhow, the question remains, and I am here to shed some light as to the overall valuation of homes.
Having studied housing markets over the years, there are some very tried and true patterns which are consistent and I will do my best to give you some guidance as to whether or not a whirlpool jacuzzi will increase the value of your home (for the record, it will not). Please keep in mind…this is your home and you need to be happy in it!! So, if what you really want is on the “Don’t” list, just spin my ideas a bit until you are able to find a good reason for installing six fireplaces in your 2100 sq. ft. home :)
The “Do” List
Nice Kitchen is the biggest value-add to your home. You don’t need a Rockefeller budget to make a beautiful kitchen! Here are some pointers:
Find a decent cabinet, Cabinets To Go makes a great, let me repeat…GREAT affordable cabinet, if that’s your budget.
Add bling and by bling I mean nice hardware. Don’t pick up the 20 pack of brushed nickel knobs at Home Depot. Spend a couple hundred dollars and go to The Knobbery in Arlington Hts. They have an amazing selection of interesting and unique hardware which will make your cabinets love you for years to come.
Current countertop trend is quartz and it is pricey. If your budget says “Get the heck out of here” go with a calm granite, or if your budget is still screaming “I’m drowning”, build a lovely plywood top and apply a small pattern tile.
Last, expensive appliances do not pay off in the end unless your home has a value in excess of $1 mil, so shop smart.
Master Bathroom is the second must have for increasing the value of your home…well second to clearing the old car parts and furniture from the front yard. (True story…I had the honor of renovating a home in Barrington Hills which had over 10 sofas in the front yard just sitting in the lawn – not covered or anything…just in case the 15 inside the home were not palatable to your taste…LOL!) Again, $50,000 is not necessary to spend here, unless that’s your thing.
A great place for tile and stone is Floor and Décor. They carry many popular trends for a fraction of the cost, although keep in mind some of their products are seconds so you want to hand pick your items.
Plumbing fixtures I recommend are Kohler and not from Home Depot or Menards. FYI…the products with the Kohler name at the big box stores have plastic parts. They were made exclusively for the big box guys, but do not have the high quality I have come to love. Spend a few extra dollars and go to a plumbing supply house and pick out brass faucets.
Flooring, and when I say flooring I am referencing real, honest to goodness hardwood floors, which last 100 years (they can be refinished multiple times for about $2 a square foot). They are beautiful and a crowd pleaser when it comes to selling your home: nothing else compares.
The overall cost of hardwood floors is insignificant compared to engineered or, even worse, “I-can’t-believe-it’s-vinyl-flooring.”
The latter is the most expensive overall. The cost of the product is around $3 per square foot with an average install price of $2 per sq ft. It will look good for about 3-5 years, then replace. Our planet has enough problems, it doesn’t need more plastic hanging around for a million years and you don’t need the expense of replacing your flooring every time Aunt Ethel comes for a visit. Please avoid the vinyl option, it is usually disastrous and will reduce the value of your home.
One final note about flooring; carpet is still fine in bedrooms and basements.
A nice patio and/or deck. Just about everyone loves to enjoy the outdoors, especially in the warm months. It brings great joy and families together. And what says “Margarita Time” better than a deck donned in colorful party lights?
The “Don’t” List…unless you REALLY want it :
Expensive Windows don’t give back.
Unless you are in a high-end market, high-cost windows do not increase the value of your home. An old peeling window does reduce the value, so think wisely here.
My favorite window is SilverLine. Anderson Windows just purchased them and offer their fabulous lifetime warranty. They have wonderful options, colors, screens and so forth. Save some green on the windows and put it in your patio.
High-End Appliances. Again, a money pit.
Unfortunately going “Green.” Having said that, I completely understand there are a lot of you who, for moral reasons, believe in the Green movement. I am not disagreeing with the concept, just the price. At the present time, going Green, is expensive and is not seen in the overall value of your home. That’s all I am going to say on that.
A Pool. The greatest joy I had growing up was swimming at the neighbors pool every day, yes every day, all summer long. In case you are reading this Judy, you are a saint and thank you!!! Unfortunately, pools do not add value. As a matter of fact, some realtors will support the blasphemous idea pools reduce the value of your home. Fun comes at a price :)
Good luck building your dreams!!