What You Decide Can Affect Your Bottom Line
Pop quiz: When considering a renovation to your home do you decide on making improvements that will:
A. Make you and your family happy. You’ve toiled over magazines for ideas and your budget to figure out what you like and can afford. Now, it’s time to customize your home to the way you want to live.
B. Increase your home’s worth. You carefully consider how your choices may be viewed by potential buyers in the future. After all, your house is more than a home for your family. It’s an investment that will help fund your retirement and you want to make sure you’re not flushing money down the drain.
C. A combination of both A and B.
You’re right if you answered A, B or C. Everybody’s home renovation situation is different so there is no one right answer. The important thing is to decide what is most important to you and your family.
Staying Long vs. Selling Soon
As you think about this, be honest about how long you think you may want to live in your home. This will be a major factor affecting your decision. The average homeowner today stays in his or her current home for five to seven years, unlike previous generations who stayed in a home for decades.
Perhaps you would like to convert the garage into living space. When you try to sell in a couple of years, potential buyers might pass over your home because they can’t fathom living in a home without a garage. On the other hand, more living space via a garage conversion is something you sorely need in your large household. In that case, think about how long you may want to live in your home after it's renovated.
Spend More, Sell For Nore?
Don’t think that you’ll automatically get back what you put into a home renovation project.
A highly customized home could work against you regardless of how much you spend on it. For example, let’s say you love gardening and pay several thousand dollars for expensive landscaping that you lovingly tend several times a week. Beautiful landscaping should lure those buyers in, right? Not necessarily.
No Need to go Overboard
Going overboard can turn off those buyers that prefer low-maintenance landscaping.
If you plan on staying longer in your home, it might make more sense for you to customize your home to your liking rather than thinking about a future buyer for your home. But if you only plan on staying in your home a year or two, the changes you make might be more cost-effective if you factor in how such changes could be viewed by a buyer.
We at Unique Properties would love to help you figure out the best renovation strategy for your family.