Ways to Tell if Your Home Improvement Project Will Add Value to Your Home

By: Paula Wozniak

Each year people spend thousands of dollars on home improvement projects. Typically, homeowners do this because they want to:

1. Improve the look or function of their home to make it a better or more ideal place for them to live
2. Make repairs to keep the house and up and running well
3. Add value to their home’s bottom line through upgrades

But, how do you know if home improvement projects really add money to the value of your home? Because not all projects add value, there are questions you can ask yourself when looking to increase the value of your home through a home improvement project. One of the most important things is knowing what will actually improve the value. Here are some things to consider:

• Does the home improvement project add space, function or added benefits to the area?

• Does the home improvement project make the area more attractive, not only to you but to others?

• Does the home improvement project make significant positive changes to the home?

Imagine you're a potential home buyer visiting your own home. Ask yourself if you would you pay more for the home if it didn't have the features you're considering adding or changing? Of course, your thoughts may not be the same as what a real potential buyer's thoughts are. Since the value of a home is more defined by the actual way that it is valued by the buyer, if your home is for sale, then it is really up to pleasing them with these projects.

One way to learn more about the value of your potential home improvement project is to talk to a licensed home appraiser. Ask them about the potential added value to your home for the project you have in mind. A seasoned Realtor can also provide you with helpful opinions. They visit hundreds of homes and, over time, have a feel for what attracts buyers and can offer suggestions on what projects can help.

In closing, it's important to note that by doing a $10,000 home improvement project doesn't necessarily correlate or mean that the value of your home will increase by that much. It could be more but it could also be much less.

Paula Wozniak is an entrepreneur and IT consultant. When she's not caring for her family, she's creating money making applications and web sites.

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