I work with both buyers and sellers and it is amazing how differently they look at a renovation project that has been done to a home. The buyer usually under-values the upgrades while the seller over-values them. It happens almost every time.
In earlier posts I have talked determining whether renovating a home is a good or bad idea. This post is assuming that you are in a position where it is a good idea and that you care about market value (i.e. if you are living in a home that they are going to cart you out of, then by all means live it up!). Speaking of market value…
1. Market Value
Consult your Realtor for a list of recent comps (3-6 months old, maybe a year if you live in a slower market). Look at the pictures of the comps and take note of the upgrades. If you can contact the homeowner (knock on the door) then see if you can check out the house in person and take some mental notes. Look at the square footage price as a guide. Ask yourself this question, “What would my house be worth after my project?” Be honest.
2. Renovation Cost
My background in construction also has helped me encourage clients to consult a contractor when considering a renovation. Usually homeowners tend to under value the cost of a renovation project – it’s just difficult to know what all is involved. No mater how thorough you are, costly details are inevitably missed. Make a complete budget. You’ll be happy you did.
3. Majority Appeal
Is what you are doing going to appeal to the majority? If you are interested in eventually selling your home then don’t make your renovation be a vehicle for personal expression. You may love that pink metallic flake paint in the hall bath, but the likelihood of it appealing to a slew of buyers is low. Same goes for the Panamanian tile mosaic in the kitchen back splash. Stay close to current styles and trends and it will be to your benefit in the end.
Just trying to help you avoid turning your palatial abode into a money pit. Are you working on any home improvement projects right now?
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(all data current as of 9/19/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.