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Real estate has been crazy-hot for a couple of years now, which may have you wondering how to cash in on the runaway housing market by cashing out on your home. Once you take the plunge and hire a realtor to walk your house, they usually have a list of recommended improvements you can make to boost the desirability (and profit margin) of your home. But a contractor is the person to turn to when you want to know if an improvement will actually provide a return, because they will be able to quote you the cost of those improvements. Before you start sinking cash into a home you know you’ll end up selling, you owe it to yourself to find out first-hand which home improvements are the most cost-effective for your specific situation.

Look For Easy Money

Some of the most cost-effective home improvements are those that add something completely new like a carport, wood deck, patio, awnings, or a wider driveway. These are improvements that have little to no demo involved, so work can usually begin much sooner. “Outdoor rooms,” like sun rooms, covered patios, and outdoor kitchen areas are desirable in temperate areas. They can bring top dollar because the home buyer sees those improvements as extra rooms.

Updated paint inside and out is another way to get a lot of mileage out of your home improvement budget. Generally speaking, all home shoppers respond well to fresh paint with a moderate color pallet (no crazy color schemes). Paint can also brighten up a dingy kitchen or bathroom, or make the front of your house “pop” from the rest of the homes on your street. Adding insulation to your attic can be a plus for thrifty home buyers.

You might also consider some improvements that you can take with you when you move out. Area rugs add warmth, color, and cohesion to spaces that might otherwise seem disconnected. Wall hangings, artwork, and small furnishings can be used to “grow up” an area. For example, that “play nook” off your living area can become a reading nook by removing the toy chest and adding a small book table and a lamp.

Improvements That Justify Their Price Tags

When you’re really serious about attracting buyers with the quality of your home improvement choices, the obvious ROI home-runs are window replacements, new floors, bathroom updates, and pro kitchens. Builder’s standard windows are not very attractive, no matter what type of solar screen or interior decor you put over them. Replacing your builder’s grade windows with modern, efficient, and stylish windows adds curb appeal in addition to energy savings over time. Likewise, updating the builder’s grade carpet and vinyl to something more stylish and substantial, like natural hardwood floors, will provide a longer-lasting return on investment in terms of how rooms “feel” when you walk into them. And every realtor will tell you that bathrooms and kitchens sell houses. Updating the guest and master bathrooms settles a lot of prospective new home buyer jitters. Then walk your buyers into a well-planned, well-outfitted kitchen after that and you might as well start boxing up your things.