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6 Tips to Weigh the Best Resale Home Improvements
Alex Viega, Associated Press / Boston.com / August 15, 2013
Homeowners are opening their wallets. A rebound in the housing market has made them more willing to invest in renovations that could boost the value of their homes even more in a rising market.
Spending on home remodeling has picked up over the past 18 months and is expected to rise nearly 20 percent to $151 billion by the fourth quarter, according to a recent report by the Joint Center for Housing Studies at Harvard University.
Many homeowners decide to make upgrades with the idea that the bigger kitchen or finished basement will make their home more enjoyable. But those looking to sell should know that not all home improvement projects will boost the value of a home.
Here are six tips when considering investing in home improvement projects:
1. Consider all buyers
The classic example here is installing a swimming pool.
A pool could make your home a tougher sell and it’s unlikely you will recover your expenses, says Richard Borges, president of the Appraisal Institute, a professional association of real estate appraisers.