If you’ve dreamed of a sparkling new kitchen and finally open the wallet and make it happen, enjoy it! But if you’re hoping it will add major dollars to the sale of your home, well, time to think again. Buyers want all the goodies, for sure, but remember the adage “the best we can get for our money”, the qualifying phrase being “for our money.”
Yes, we want everything, but we also don’t want to pay for it. And herein lies the rub. My topic this week is over improvement, putting more money into remodeling a home than the market value will permit. It is a very rare occurrence that the money you invest in home improvement is returned to you dollar for dollar when you sell. Only a percentage of it will likely come back to you, and remodeling experts have calculated those improvements that tend to promote the highest return.
It’s primarily your location that determines the base value of your residence. If you are in a subdivision where homes are selling between $400,000 and $500,000, you’re unlikely to get $600,000 even with that new kitchen; the neighborhood just won’t warrant it. That $600,000 buyer will probably be seeking the worst house in the $700,000 neighborhood, which will probably be a better investment in the long run. Isn’t it great to have the most attractive, amenity-laden house in your vicinity? The answer is yes, but only if that house is at the same price, or slightly higher than its competitors.
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