Regardless of who you are or where you live, it is likely that you will perform some type of home improvement to your residence. For some, this will involve a telephone call to a local professional. For others, a home improvement will be a labor of love comprised of sweat equity and elbow grease. In any case, this means that you will be spending time, money, or both in an effort to better your domicile. Like any other investment of time and/or money, the decisions regarding your expenditures can result in either a loss or a gain. The following items are time-tested ways to maximizing your investment dollars to the upside. 1. Redecorate: The "light and bright" look sells. Think neutrality, simplicity, and openness. This is true of both wall coverings and floor coverings. Often times, the correct neutralization can create an illusion of increased living area. With proper decorating, that dark, cluttered 1,700 square foot residence can be transposed into what appears to be a more spacious 2,000 square foot residence. 2. Kitchen Improvements/Minor: In many cases minor improvements can give the appearance of a completely updated kitchen if performed in an intelligent manner. Quick make-over items can include refinished cabinetry with new hardware and hinges, in lieu of new cabinetry; replacement of sink and faucets, various painting and neutralization; and replacing countertops. 3. Bathroom Improvements/Minor: Similar to a minor kitchen upgrade, when a short term of ownership is anticipated, a minor bathroom update may be a beneficial improvement. Minor upgraded items may include refinishing cabinetry with replaced hardware and hinges; refinish bathroom fixtures and bathroom tile, in lieu of replacing said items; replacing faucets; refinishing vanities; and various painting/neutralization. 4. Kitchen Improvements/Major: When your term of home ownership is estimated to be in excess of five years, a more significant overhaul of your kitchen may be the correct improvement project to tackle. This would especially be true in a dated kitchen possessing questionable utility by today's standards. Major improvements in the kitchen would include new floor coverings, new cabinetry, countertops, appliances, and plumbing fixtures. This category may also include a reconfiguration of the layout, as well as possible expansion. The current trends in kitchens are commercial in nature, including black or stainless-steel amenities. 5. Bathroom Improvements/Major: As was the case with the above men- tioned category, when a long term of ownership is expected, a major overhaul of bathroom can be a prudent improvement. Major items may include new flooring and wainscoting; new plumbing fixtures; new faucet/sink; whirlpool tub with separate shower stall; multiple sink/vanity and skylights. Current trends still dictate that white bathrooms are popular. 6. Add A Bathroom: In a home where functional utility is impaired due to a lack of a powder room on the first level or only one second level bathroom, the addition of a bathroom can be an effective home improvement. If your floor plan requires traveling to the second level to use the washroom facilities or parents and children sharing a common bathroom, you may want to consider this area of improvement.

7. Add A Family Room: In a family dominated market, the lack of a first floor family room can be a major functional inadequacy. First floor family room additions are preferred by all types of potential buyers in most price ranges and markets. Usually these types of room additions are placed strategically near the kitchen and are designed for informal use. Fireplaces and vaulted ceilings are common inclusions. Although this can be a very costly improvement, assuming a longer term of ownership, this can be a wise improvement. Caution should be exercised in situations where the residence's price range is less that $250,000, or a short term of ownership is expected. 8. Add A Master Suite: Loosely defined, a master suite is a bedroom/ bath combination utilized by the residence's principals. Both the bedroom and the bathroom are larger than other rooms of their type. Possible amenities include: volume ceilings, his/her vanities, whirlpool/steeping tubs, separate stand-up showers, walk-in closets and private commodes. 9. Add A Bedroom: In most family dominated markets, this is a recom- mended improvement for a residence which possesses less than four bedrooms. Most desirably, the added bedroom will be on the same floor as the other bedrooms in the home. Basement bedrooms are not recommended. Attic bedrooms, however, are recommended for all types of bedrooms except the master bedroom. 10. Exterior Facelifts: Repair all deficiencies inherent in the exterior of the home. If possible, neutralize the exterior color of your home. Maximize the landscaping by trimming overgrown bushes and shrubs. Maintain a healthy lawn and add flowers for color. Understated yard ornaments (awnings, iron benches and planters) can be an effective improvement if done tastefully. The remodeling and home maintenance markets, which are already growing faster than the new home construction market, are expected to rise steadily over the next decade. The National Association of Home Builders reports in 1994 that $115 billion in remodeling projects were completed and these analysts expect $122 billion in business this year. More important for the particular homeowner/investor with respect to these staggering dollar figures, is the proper area to invest dollars into their respective homes. The above stated lists gives the typical buyer some framework of what can in many cases be a prudent/cost effective home improvement. As every home possesses unique characteristics, both physical and locational, a decision to take on a home improvement project is one that should be well thought out. The careful home improver may choose to solicit the opinions of both a local real estate broker/salesperson and a real estate appraiser before embarking on such a project. Both of these professionals, although skilled in different areas, can lend important advice when considering a possible home improvement for your specific residence. Bryan A. Bomba, SRA is a partner with R. F. Bomba & Associates, Ltd., a multi-office real estate appraisal firm specializing in relocation appraising and litigation support. Bomba is a Senior Residential Appraiser member of the Appraisal Institute and a charter member of the Relocation Appraisers Consortium.