| Lynette
Bates |
|
 Count on me to effectively and efficiently handle your real estate transactions. Lynette
Bates |
Your home is a major investment. According to Consumer Reports, Americans spent some $25 million dollars last summer sprucing up their homes. In today's topsy turvy world, should you consider costly improvements or just leave well enough alone? Will the market support your renovation plans?There are many things to consider before answering the question definitively. Certain improvements will increase the livability and marketability of your home. Others go a step further and actually increase your home's value at resale time. Before making your final decision, consider your home's location, the cost and type of improvement and how long you plan to remain. Location: Your home's location is an important factor. The rule of thumb is to never over-improve for the neighborhood. Why? It's simple. Buyers do not normally want to pay extra for a home that is much superior to its neighbors. A 10,000 square foot home sitting in the middle of a subdivision of 1200 square foot homes will never reach its financial potential. Surrounding property values will always be a factor. Cost and type of improvement: According to Remodeling Magazine, an average of 80 cents to the dollar is recouped at sale time. It's a good bet that upgrades to a hopelessly outdated kitchen or bath will always pay you back, particularly if you hold to a budget. But remodeling 'on the cheap' may not be a wise choice. Get estimates from more than one contractor, have a solid plan and choose quality materials. Remember that changes during construction will always up the costs. To be on the safe side, allow for some time and cost overruns. Length of stay: A home that accommodates your needs and lifestyle is a definite plus. And the longer you remain in your home, the longer you have to amortize the costs while enjoying the benefits. Adding a much needed master suite,half bath or family room will give you a more comfortable living arrangement and your home will be more appealing to buyers later. The best reason for any home improvement is to increase the owner's enjoyment. Hire professionals with solid credentials and never venture into a major home improvement without proper building permits and solid contracts. Quality of life is always a good investment. |