The Home Renovation Game PART 2 | Projects #6 through #10 that Increase or Decrease the Value

hey guys it's Kenton Becker with land home financial and I'm here again with another weekly video tip for you this week's tip I'm gonna do a little bit more fun topic want to play a game I'm gonna ask you some different renovation projects and I want you to say whether or not you think it'll increase your houses value or if you think it could decrease compared to the amount of cost you put in I'm gonna go through ten different things and we'll figure out which ones will actually help your value versus and maybe you should rethink them number six is question is what do you think about a swimming pool do you think a swimming pool will add value or decrease value in our area you know it actually decreases the value the reason why is actually a number of reasons number one it's not as common in our area it's not as useful in our area just because hey in Washington we only get a few months of nice weather so at the end of the day having a pool is not the greatest thing plus you have to remember that the buyers coming in to your house they might have kids I have a family they may not want a pool and some of the risks that go along with it maintenance and everything else so adding a pool when you talk about the costs to put in a pool probably not the best idea for increasing the value of your home Devin's question is landscaping what do you think about landscaping well the funny thing with landscaping is it doesn't necessarily give you this monetary value increase that can be can be looked at at the end of the day it's all about curb appeal so if you have grass that's a foot tall and weeds in the flowerbeds it's when people drive up to the house to look at your home to buy they're not going to be too happy and ultimately they may not fall in love with the home enough to make a good offer on it so doing landscaping while it may not cost very much it's going to add a lot to the value of your home because it's going to look better for the buyer that's coming in and looking at your home and keep in mind that first impression they get of your home is the key to whether or not they'll write an offer and how strong that offer will be so it definitely increases the value of your home to do some landscaping number eight is a deck patio or porch addition here in Washington it's a hundred percent it's going to increase the value of your home now if you live in more of the southern states it's actually more like 80 percent based on the national averages because of weather conditions and things like that by having a deck patio or porch in the home it definitely increases the value and you're going to get a huge amount of use out of it with your own family so we highly recommend having a deck and you'll get that return and value increase the ninth thing is replacing windows replacing windows now this is according to HGTV so take it with a grain of salt if you want to but replacing a 10 3 by 5 windows is gonna run you about ninety seven hundred dollars we'll just round up and say ten thousand however on average nationally you'll get back about 8,700 when you sell and so that recoups you about ninety percent of the costs into the windows however adding energy-efficient windows can also save you on your energy costs so there's an additional bonus there and a selling point when you go to let the the buyer know that you've added energy-efficient windows so that can definitely increase your the value number 10 is DIY renovations hey do-it-yourself renovations are a big thing right now everybody wants to do a do-it-yourself project I mean just look at Pinterest and you can see them all over the place I do it yourself is a great way to save money and especially if you have some skills in those areas you can definitely do it yourself do a project fix things up yourself but are you really going to get a return on that here's the thing most buyers that walk through your house can spot a do-it-yourself project unfortunately unless you are really really good at what you do it's probably best to leave it to a skilled tradesperson or professional when it comes to any kind of renovation projects that sometimes that savings is not always there when you are the one actually doing that work so just something to consider when you're trying to tackle a project yourself okay so that was ten different questions how did you do did you get most of them right did you get some wrong I know when I was looking at this list and just putting it together there were some things on here I thought for sure would increase or decrease the value but I was actually a little surprised so definitely kind of important things to keep in mind especially if you're thinking about selling your home in the future now next week I'm gonna keep on the same line of homeowner renovations but I'm going to talk to you a little bit about how to select the right contractor there's some really cool tools out there that will let you compare contractors and select the right one for your next project so thanks so much for joining me this week and I'll see you next week

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