How do you increase the
value of your property? The biggest factor outside
of a homeowner’s control is market conditions. But other issues -- including the
condition of the property, specific home improvements and neighborhood stability and
safety -- can influence property values.
The greatest rise in home prices occurs when the economy is
strong and the number of home sales is increasing.
Though markets vary, that has occurred twice in recent
history -- in the early 1970s and the late 1980s. However, single-family homes appreciated
much more than condominiums. While overall market conditions are out of the homeowner's
control, other factors are not.
For example, specific home improvements can increase the
value above the cost of the improvements. According to Remodeling magazine, which
publishes an annual "Cost vs. Value" remodeling report, a remodeled bathroom
returns 81percent to the owner, a bathroom addition, 89 percent and a master bedroom
suite, 82 percent.
Remember, quality pays. Well-planned and well-executed
remodeling jobs are a good investment while bad work seldom enhances value or livability.
If you live in a high-crime area, an organized community
watch program not only will lower the crime rate but also have been known to enhance
property values.
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How can I improve the
value of my property? The biggest factor outside
of a homeowner’s control is market conditions. But other issues -- including the
condition of the property, specific home improvements and neighborhood stability and
safety -- can influence property values.
The greatest rise in home prices occurs when the economy is
strong and the number of home sales is increasing. Though markets vary, that has occurred
twice in recent history -- in the early 1970s and the late 1980s.
Specific home improvements can increase the value above the
cost of the improvements. According to Remodeling magazine, which publishes an annual
"Cost vs. Value" remodeling report, a remodeled bathroom returns 81percent to
the owner, a bathroom addition, 89 percent and a master bedroom suite, 82 percent.
Remember, quality pays. Well-planned and well-executed remodeling jobs are a good
investment while bad work seldom enhances value or livability.
The safety and security of a neighborhood can affect property
values, too. If you live in a high-crime area, an organized community watch program not
only will lower the crime rate but give home values a boost, too.
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