Home improvement experts say that the secret to successful remodeling is to keep up with the Joneses but never to surpass them. Whether you want to make more money than you spend or only want to recoup your remodeling expenses if you sell your home, you should know what is standard in the neighborhood. Having this knowledge is the key to making the right home improvements at your house. For example: Does everyone in your neighborhood have laminate kitchen countertops? Keep in mind that if you splurge on granite you will be the envy of your friends, but understand that you probably will not get your money back at resale. The opposite is also true. Is your home in a high-end neighborhood? While laminate countertops will save you money, but if you have to sell, keep in mind that high-end buyers will discount their offer because your kitchen is not what they expect or they may simply not buy your home at all.

In markets where the home prices are declining, remodeling decisions can be particularly tough to make, especially if you are remodeling in order to get your home sold. Real estate experts advise that if you do not update, your home may not attract buyers. However, if you do update, you may not be able to recoup any of what you spend. It is crucial to seek advice from at least three experienced real estate agents before making any decisions.

Another helpful tip is that before you pick up a hammer (or a sledgehammer); you should visit real estate open houses and new-home communities. You can also ask the builder to show you a spec home (a spec home is an already built home without the model home's decorative features and upgrades). Then, you can compare your home to homes on the market to make sure your remodeling project will be on par with the competition.

Home improvement and real estate experts agree that the home that sell in a buyer's market have four things in common. These things are:

• A highly in-demand location


• The right price


• A perfectly maintained exterior


• Quality updates on kitchens and baths

• Spruce up or replace your siding. Curb appeal is a huge factor in both increasing the value of your home and attracting potential buyers.
• Add a deck. Buyers in every climate are looking for outdoor entertainment areas. However resist the urge to over improve here if you are looking to recoup all of your remodeling dollars.
• Spruce up your kitchen. This includes minor remodeling like painting cabinets and replacing hardware. New appliances also fall under this category.
• Repair or replace windows. This also goes back to curb appeal and energy efficiency which a big concern with potential buyers.
• Completely overhaul your kitchen. This includes a complete gutting of your kitchen and reinstall of upgraded cabinets, counters and appliances. Again seek advice since kitchen remodels can be pricey and you do not want to over improve.
• Redo the bathroom. Buyers are particularly drawn to redone bathrooms if the remodel has been done right.
• Convert space in the attic. If it works an attic bedroom and bathroom can mean big bucks when it comes time to resell.
• Finish the basement. A finished basement can be a big draw especially for families who never seem to have enough square footage.
• Adding square footage to add value. If you can add on to your home you may see a big return when it comes time to sell your home.
• Add low-cost landscaping. It is easy to overspend and over improve here so consult an expert before plunging ahead.