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How to Invest in Your Home Wisely

When upgrading your home, you should consider how that upgrade affects the price of your home.
 
Some home upgrades are wise investments while others will not increase the value of your home.
 

ihwimage courtesy of drouu sxc.hu/photo/838431Cosmetic Upgrades
When it comes to cosmetic upgrades, try to keep the upgrades in line with your neighbors.

Do not install new laminate countertops if all of your neighbors have granite, else people looking to buy your home might think of your home as cheap and not purchase it.

If you install a very high end granite when everyone else has laminate, you may not get that money back at resale because homes in the same neighborhood tend to have a maximum price per square foot that they sell for.

 

Landscaping
Landscaping is usually a good investment for your home.

Mature trees on your property might increase your home value by up to $1000 per tree.

To add a mature tree is quite pricey, however consider planting a young tree now for about $30 that will increase in value over the years as it grows.

The tree will also provide shade to keep your home cooler and decrease your energy usage, therefore saving you money.

 

Additions
If you would like a larger home, consider adding on to your current home instead of moving to a new home.

You can make your home addition exactly what you need instead of searching for a home that meets your requirements.

You will not have the inconvenience of moving, however you will have the inconvenience of the construction.

Financially, you will not have to pay the 6% realtor fees, the closing costs on your old home and new home, or the cost of movers and/or storage fees.

One of the most important considerations when doing a home addition is to make sure you are not the largest home in your neighborhood.

Homes usually have a maximum price they will sell for in a neighborhood no matter the square footage, so make sure you do not overdo it.

 

Energy Efficiency
If your home is older, energy efficient items might be a good home investment.
 
Energy efficient upgrades may include energy efficient appliances, more insulation, solar panels, or double paned windows.
 
These items will save you money while you own the home and should increase the value of your home when you sell it.

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