In the second part of how to increase the value of your Smith Mountain Lake home, Author Kenyon Blunt gives some specific ideas for improvement. He also notes that these same kind of things that add value, usually increase your satisfaction and enjoyment of your home.
Recouping Your Investment
After you’ve answered the above questions (Profit By Improving Your Home Part 1), the next two items that you’ll need to address are how much satisfaction you’ll get from the improvements and how will they add to the value of your lake home. Here are some considerations on how specific improvements will add to the house’s value:
- Some changes are required. For example, a leaky roof needs to be fixed before any further water damage is incurred.
- Make sure the changes will not put the home’s value out of the market for its area.
- Just like your home in the city, bathroom additions have the highest payback for recouping your investment.
- Additional investments that have a high payback are; kitchen remodeling, adding a master suite, two-story addition, basement remodeling, and window replacements.
- Seasonal improvements work well in certain areas of the country. My favorite is adding or improving a deck (since that’s where you’ll spend a great deal of time).
Be careful making changes outside your lake home. Most prospective buyers will not put a high value on landscaping. However, you can make significant improvements by cleaning up the grounds and adding improvements like walkways that help accessibility.
Regardless of what improvements you decide to make, good planning is crucial. You should prioritize your remodeling efforts depending on how you answered the above questions and how you think they will impact your lake home’s value.
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