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Spending on home remodeling has increased over the last 18 months and is expected to rise nearly 20 percent by the fourth quarter, according to a recent study conducted at Harvard University.
One thing you may want to think about when deciding on home improvement projects is resale value. Upgrading windows and doors will add value to an older home that has seen plenty of rough Michigan winters. Energy efficient windows are a great addition for a home now and a solid investment for the future. They can improve the look of your house and can help you (and the next owner) save money on energy bills.
It also may be worth considering replacing doors that will see heavy traffic in and out of the house. A new, updated style of door could be attractive to a potential buyer.
Keep in mind all potential buyers when deciding on home improvement projects. Adding a pool to your home may seem like a great idea but it won’t come cheap. Plus, some house shoppers will not want to deal with the cost and work that goes into pool maintenance. People with small children may decide the risk isn’t worth it. Consider location as well. Having a backyard pool in Michigan may not be as big a selling point as it would be for a home in Florida or Arizona.
Prioritize your home projects. Expanding a kitchen or adding another half-bath might seem like a great idea, unless you have a roof that needs repairing or windows that need to be replaced.
Don’t be afraid to ask for advice. Talk with a real estate agent or an appraiser who knows the Michigan market and is knowledgeable about your specific location. They may be able to tell you how an upgrade will impact the resale value of your home.