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How Can I Increase My Property Value Within the Colorado Housing market
Increasing your property value in the Colorado real estate market could be a daunting task. With property values stabilizing or declining in a few markets around Colorado, it's becoming more challenging for homeowners to recognize a return-on-investment using their home improvements.
According to Remodeling Magazine's 2006 "Cost vs. Value " report, the cost for many remodeling projects in 2006 increased while the return on investment decreased. Apparently, a mid-range kitchen remodel with an average cost of $54,000 only returned 80.4% versus a 91% return on $43,862 in 2005.
How can a house owner improve their property value? From our experience consulting homeowners and investors, we strongly advise these to research the property improvements of other houses within the neighborhood. Know what improvements and also the excellence of the improvements neighbors are making for their homes. For instance, if you are installing two inch slab granite countertops and everybody else has Formica laminate countertops, most likely you won't realize coming back on your investment.
Typically, you will need to concentrate on areas that are most important to buyers - foyer flooring, the kitchen, bathrooms, two-tone interior paint and cleaning exterior finishes and landscaping. It is best to avoid renovations to understand suites, sun rooms and even office additions.
The most crucial step to consider before beginning a home improvement project would be to analyze your local housing market within your neighborhood in Colorado. Some neighborhoods around the Colorado real estate market have a substantial return-on-investment with do it yourself projects, whereas other do it yourself projects are seen being an over-improvement for that community.
As always, identify and make use of a Colorado realtor that has experience of the real estate investment market and skilled in determining what home improvement projects yield the highest return-on-investment for your local market.
