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Beat the heat and add home value
By Marshall Loeb, CBS.MarketWatch.com
NEW YORK (CBS.MW) - Making your summer more enjoyable and increasing the value of your home can go hand in hand.
Two Florida State University professors and the National Association of Realtors analyzed home improvements, calculating the average amount each added to or detracted from a home's value. They examined 28,828 home sales in the Philadelphia area between January 1996 and March 2003. Looking to add to the value of your home? Here are some projects that will help you and your family to enjoy this summer's warm weather and sunshine - without overheating. The study indicated that buyers were more interested in homes that had these features, and were willing to pay more for them in combination with the house's other attributes:
Central air conditioning, 12.4 percent increase in value
Whirlpool, 7.3 percent increase in value
Skylight, 3.0 percent increase
Sunroom, 2.7 percent increase
Patio, 2.1 percent
Outdoor sprinkler system, 8.7 percent
Deck, 1.9 percent
In-ground pool, 7.9 percent
Playground equipment, 1.3 percent
Dock, 1.3 percent
But watch out - the study also indicated that adding a porch can decrease your home's value by an average of 2 percent. An aboveground pool decreases value by 1.9 percent.
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