GENERALLY SPEAKING, there are two ways to go about making home improvements. Either you splurge for something purely for the pleasure of having it ? the Italian marble bathroom you've dreamed about or that skylight that your spouse has been hinting at for the last six years ? or you take a pragmatic approach, buying an energy efficient furnace or repairing a leaky roof because you want to increase your home's market value.

Don't expect to score on both counts.

Just because you pour $20,000 into your home doesn't mean that your house is worth $20,000 more. I have had a client who invested $100,000 in a $130,000 home after he lived there for four years. He put it on the market at $225,000. He was offered $170,000. His mistake: spending money on amenities that were only peripheral to the value of the house.

Exactly how much you'll recoup in costs depends on several factors, including the direction of the broader housing market, the value of the homes in your neighborhood, when you plan to sell the home and the nature of the project itself. In the hottest housing markets, you could indeed earn more than your investment back on a remodeling project. A new deck in Boston, for example, recoups 139% of its costs, according to Remodeling magazine's latest survey (which assesses the cost recouped should the house be sold within one year of project completion). But you shouldn't count on those types of returns. In Baltimore, the same project is likely to only recoup 57% of its costs.

And keep in mind that the longer you hold on to your home after a remodeling project is completed, the less likely you are to recoup its value. That's in part because design tastes can shift significantly over time. Remember when avocado green kitchens were in style?

Also, there's little reward for having the fanciest house on the block.  A house that's priced higher than its neighboring homes could be perceived as overpriced ? even if it does have more value.

The following sections examine a few improvements that pay off more often than not ? and some that rarely make a difference when it comes time to sell your home.

Painting
If you're planning to sell your home in a year or two, a fresh coat of paint could make the sale significantly easier. Professionally painting the exterior of a two-story wood-sided house costs an average of $8,336 and recoups 74% of its cost, according to Remodeling magazine. A clean, neat, orderly, fresh coat of paint, helps to sell a house.

Kitchens
Even a few basic improvements to your kitchen can pay handsome dividends.  For most buyers, the kitchen is the heart of the house. Paint, wallpaper, and even refloor the room if necessary. Consider sanding, staining or painting dingy-looking cabinets. Replace old cabinet hardware ? a low-cost improvement that makes a big difference in appearance.  Just be sure to go with a classic design and, if possible, use high quality materials. After all, good taste endures. The kitchen makeover nationally recouped 80% to 87% of its cost.

Creating New Space
As a rule, improvements that increase the functional space of a home hold their value longer than ones that just make a house look better. It's also significantly cheaper than adding an addition to your home. Converting an attic into a bedroom suite, for example, usually 73% of its cost, according to Remodeling magazine. Turning your basement into a room for socializing will allow you to recoup 69% of your costs.

An Extra Bathroom
Adding an extra bathroom with all the trimmings ? marble vanity top, molded sink, bathtub with shower and ceramic tile ? all but pays for itself. At an average recouping 81% of its price tag.

Decks
Installing a deck may be the most cost-efficient way to add square footage to your house, and of all the outdoor home improvements except painting, it may be the most reliable value. Decks generally recoup 75% of their value. That may not sound terribly impressive, but other touted outdoor improvements fare much worse.

New Windows
The savings on your utility bill might make up for the spotty resale value. Replaced windows typically 68% of their costs at resale, according to Remodeling magazine. But, that is for a good, standard, window arrangement. As soon as you get into customizing, with fancy shapes, bays and bows you can't see from the street, you're throwing money down the drain.

Swimming Pools
It's commonly agreed that a swimming pool adds almost nothing to resale value at all. The main reason pools repel more prospective buyers than they attract is that they require expensive upkeep. Running a close second is the fear of liability: Pool accidents are a quick way to end up the subject of a negligence suit.

Manicured Gardens
Fancy gardens ? which will require time and money to tend ? usually won't add to the offering price. Landscaping is for your own enjoyment. It may be a large investment, but there's no way it'll add much to the value of your house. The same goes for expensive fences and stone walls. They look nice, but buyers don't pay up for them.

Basic Improvements
It may not be all that enjoyable, but it's the basic improvements that may have the greatest return on your home's value. You could have a beautiful new kitchen, but if your roof is leaking, you have a real problem. So if you're thinking of putting your house on the market in the next year or so, be sure to tackle any problems with the home's structure or mechanical systems before you install that hot tub you've always dreamed of.