June is National Home Ownership Month, and the Oklahoma Association of Realtors calls it a time for homeowners to celebrate the sense of community that arises from homeownership and the economic benefits associated with investing in a home.
The number of people doing home improvement projects with the goal of increasing home value is up 7 percent from last year to 54 percent, according to the second annual Houzz & Home survey by Palo Alto, Calif.-based Houzz. The trend shows a growing movement toward more people investing their time and their dollars back into their homes, the Realtors said.
“There are so many ways — both large and small — that homeowners can improve their homes and increase home values,” said Joe Pryor, president of the Oklahoma Association of Realtors. “When making home improvements, we as Realtors encourage homeowners to do what works for their tastes and budgets but also to keep in mind what might have the most appeal and utility should they decide to sell their homes in the future.”
Here are some things homeowners can do to add value to their homes, from the Realtors:
• Think long-term.
When looking for a new home, buyers tend to factor in the cost of items that they would have to replace should they buy that home. So, when considering what projects might add the most value to your own home, focus your efforts on major improvements like roofs, plumbing and appliances.
Spending money on expensive carpet and other simple cosmetic items may be enjoyable in the short-term for your family, but when you consider selling, buyers are more likely to overlook these smaller items and focus on areas that require the least work and financial expenditure to change once they move in.
Plan for the unexpected.
Homeowners who install storm shelters in their homes can see a return on investment of up to 66 percent. Below-ground shelters tend to generate higher returns than safe rooms and basements, which can both be more difficult and costly to install.