Home Upgrades That Pay Off.note

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Home Upgrades That Pay Off

These 10 around-the-house improvements are well worth the

investment.No sugar coating here: The housing market is in trouble.

But some experts say that it will start turning around as early as

1. So while you’re waiting for it to recover, you might want to

reconsider putting off that kitchen redo or landscaping job. “Any

changes you make on your house now should increase your home

value later,” says Kermit Baker, project director for the Remodeling

Futures program at Harvard University. But which projects will yield

the most bang for your buck? Take a look at this list, starting with

the upgrades most likely to recoup your investment, and then enjoy

that gleaming new kitchen.

1. PaintingWhy it pays off: Paint provides dramatic results with little investment. If

you decide to hire a professional to do the work, expect to pay $3,600 to $6,000 for

the interior of an average American house (about 2,400 square feet). An exterior

paint job will run $5,000 or more. Can’t decide on a color? Gerri Willis, the anchor

of Open House on CNN and the author of Home Rich (Random House, $25,

), says that pale yellow homes tend to sell faster and for more money. Barbara

Richardson, the director of color marketing for Glidden and a noted color-trend

forecaster, explains, “Yellow is optimistic and inspirational. It gives people joy and

the sense that brighter times are ahead.”

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1. Adding SidingWhy it pays off: According to the 2007 Cost vs. Value Report, a

study conducted by Remodelingmagazine, fiber-cement siding (which is made of

sand, cement, and cellulose fibers and costs an average of $13,200) is estimated to

recoup about 88 percent (or $11,635) of a home owner’s initial investment. While

vinyl can crack, split, and warp and aluminum tends to dent and fade, easy-care

fiber cement holds up well against the elements and is resistant to fire, rotting, and

termites.

1. Building a DeckWhy it pays off: A deck will provide you with more than a place to

flip burgers and soak up the sun. “Buyers see a deck as offering a seamless

transition from inside to out,” says Jerry Levine, president of the Levine Group, an

architectural and construction firm in Silver Spring, Maryland. Experts suggest

using natural, rustic wood. In 2007 wooden decks (as opposed to concrete or

composite ones) reaped an impressive return on investment: Home owners who

spent an average of $10,350 on lumber and labor could expect to recoup $8,840, or

85 percent of their costs.

1. Updating the KitchenWhy it pays off: You really can’t go wrong with remodeling

your kitchen, which can net up to 83 percent of the cost. “People know that

renovating can be a nightmare, and potential buyers will appreciate that you did the

dirty work for them,” says Vern Yip, a designer and the host of HGTV’sDeserving

Design. “But stick with high-quality fixtures, like stainless-steel appliances and

granite counters, and don’t pair them with a cheaper material, like laminate.” A

word of caution: If your house is a tiny two-bedroom bungalow, don’t bother

splurging on, say, a high-end stove. “You’ll never get your money back by installing

fancy appliances in a smaller home,” says Leslie Sellers, vice president of the

Appraisal Institute, an association of real estate–appraisal professionals in

Chicago. And if an appliance overhaul isn’t in the cards, “you can easily make

cosmetic updates on a kitchen that’s in decent shape,” says Steven D. Bullock, a

designer in New York City and a certified member of the National Kitchen & Bath

Association, in Hackettstown, New Jersey. For example, if your existing appliances

are in good working order, coat them with electrostatic paint to give them a metallic

or enamel-type finish. And you don’t have to rip out your cabinets, either.

1. Replacing the WindowsWhy it pays off: If you’re experiencing cool and blustery

weather…in your living room, it’s time to buy new panes, pronto. Not only are you

losing precious heat but your utility bill could also be skyrocketing. “Energy-

efficient windows eliminate drafts, so your home feels warmer,” says Sellers. Last

year home owners who spent $11,400 on 10 three-by-five-foot insulated vinyl or

aluminum-clad windows got an 81 percent ($9,240) return.

1. Modifying a BathroomWhy it pays off: Bathroom upgrades, like updated

countertops and new fixtures, provide solid returns―anywhere from 68 to 78

percent. But “avoid anything too trendy,” says designer Vern Yip. “Choose classic

features, like off-white subway tiles, that will appeal to people with both traditional

and contemporary tastes.” There’s no need to splurge on fancy fixtures, either. “A

tub is a tub. A Jacuzzi will never make or break a sale,” says designer Steven D.

Bullock. For quick touch-ups on existing sinks, toilets, and tubs, consider hiring

Miracle Method, a surface-restoration company that recoats ceramic, porcelain, and

fiberglass fixtures with a chemical bonding agent that looks like shiny new

porcelain. (Cost: $465 to $600 for a tub, .)miraclemethod.com

1. LandscapingWhy it pays off: The front of your house is the first thing people see,

so it makes sense that any improvements―from planting petunias to surrounding

your home with a hedge―will be worth your while. “Don’t be afraid to spend money

on perennials, which come back year after year,” says Yip. As for big-ticket

investments, like trees, they aren’t just nice to look at; they also stave off erosion,

block storm-water runoff, reduce carbon dioxide emissions, and filter groundwater

pollutants. They might make your home sell for more money, too. The Arbor Day

Foundation estimates a six- to eight-foot Colorado blue spruce or live oak (both are

commonly found all around the United States) may grow one to two feet a year. And

properties with gorgeous, established trees are even more attractive to potential

home buyers down the road. When determining which areas of your yard to attend

to first, try approaching the house from the curb to the front door. “Buyers make

their decisions in exactly eight seconds,” says Barbara Corcoran, founder of the

Corcoran Group, a Manhattan real estate firm. “After that, they’ve either fallen in

love or are just honoring an appointment.”

1. Installing Central Air-ConditioningWhy it pays off: Adding central air to an

average 2,400-square-foot house could cost upward of $10,000 and boost your

home’s value by 10 to 20 percent, says appraiser Leslie Sellers. And central air-

conditioning is energy-efficient too. Centralized units have an average energy-

efficiency rating (EER) of 11.5, compared with an 8.5 EER in single-window models,

making them less expensive to run. What’s more, central air won’t block the view

the way a window unit does.

1. Fixing up the BasementWhy it pays off: “There’s nothing worse than that

unmistakable damp-basement smell,” says Corcoran. “A dry basement is far more

important than worrying about the right lighting or furnishings.” If your basement is

prone to flooding, leaks, or excess moisture, call in a pro. If you do want to finish

your basement by adding drywall, insulation, laminate flooring, or even a bathroom,

“be sure it’s proportional in quality to other areas of your home,” says Lonny

Rutherford, a chairman of the National Association of Home Builders Remodelers,

in Washington, D.C. According to Sellers, “basement remodels gain back anywhere

from 50 to 100 percent, depending on the quality of the materials.”

1. Putting in a Swimming PoolWhy it pays off: When you’re deciding whether to

install a pool, it’s important to consider the part of the country where you live. In

places where it can get unforgivingly hot, such as Arizona and Florida, an inground

pool may boost a home’s value by up to 8 percent, according to a 2003 study by the

National Association of Realtors. In more temperate areas, however, a pool can be a

big turnoff, as prospective buyers imagine all the work they’ll have to do to

maintain it, not to mention safety issues and higher insurance rates. But if you plan

to enjoy a pool for a few years and it improves your quality of life, “then go for it,”

says Tom Kraeutler, a cohost of The Money Pit, a home-improvement radio show,

and a coauthor of My Home, My Money Pit (the Globe Pequot Press, $20,

). “You can’t put a number on that.”

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