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(New page: How do i Increase My Property Value In The Colorado Housing market Upping your property value within the Colorado housing market can be a daunting task. With property values stabilizing...)
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How do i Increase My Property Value In The Colorado Housing market
Upping your property value within the Colorado housing market can be a daunting task. With property values stabilizing or declining in certain markets around Colorado, it is increasingly challenging for homeowners to identify a return-on-investment using their home improvements.
Based on Remodeling Magazine's 2006 "Cost vs. Value " report, the cost for many remodeling projects in 2006 increased while the roi decreased. Apparently, a mid-range kitchen remodel by having an average price 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 them to investigate the property improvements of other houses in the neighborhood. Know what improvements and also the excellence of the improvements neighbors are earning to 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 a return on your investment.
Typically, you will want to concentrate on areas that are most important to buyers - foyer flooring, your kitchen, bathrooms, two-tone interior paint and cleaning exterior finishes and landscaping. It is advisable to avoid renovations to understand suites, sun rooms as well as office additions.
The most crucial factor to consider before starting a house improvement project would be to analyze the local housing market in your neighborhood in Colorado. Some neighborhoods round the Colorado housing market have a significant return-on-investment with home improvement projects, whereas other do it yourself projects are seen as an over-improvement for that community.
Of course, identify and work with a Colorado real estate agent which has experience of the real estate investment market and skilled in determining what home improvement projects yield the greatest return-on-investment for your local market.
