Your home: It pays to keep up with the Joneses

Letting your house slip behind your neighbors' could lower your home value and cost you when you sell.

(Money Magazine)

"You never want to exceed the neighborhood norm, but you definitely want to stay up with it," says John Bredemeyer, an appraiser in Omaha.

Must-haves and deal breakers

Home shoppers have strong opinions about what they do -- and don't -- want in a house.

Source: National Association of Home Builders, 2013.

Bringing your home up to speed doesn't have to mean a massive, six-figure renovation. Small-scale projects that address some typical flaws of older homes can do double duty: They'll make your home more attractive when it's time to sell, and turn it into a more comfortable place for you to live.

These three upgrades all cost $5,000 or less.

Expand your closets. Homes built before the mid-1970s often share a frustrating problem: nowhere to put stuff. Small, one-rod closets are a prime offender and a big turnoff for buyers, says Rockaway, N.J., realtor Ellen Klein. Make the most of these spaces by installing an organizing system equipped with additional rods, shelves, baskets, and more, available at big-box home stores (starting at $50 per closet). For those who would prefer to use a pro, firms like California Closets handle the installation, starting at $500 or so.

Calculator: Was my home a good investment?

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Your home: It pays to keep up with the Joneses