You have received some extra money! You want to remodel! If you are planning a major renovation, take a few sensible precautions before having plans drawn up and signing on the contractor's dotted line.
Any time you do any significant remodeling, you run the risk of over-improving your home. Call or send an email if you are interested in a market analysis of what your home is currently worth. We can talk about neighborhood trends and discuss the recent sales of homes in your area.
If your neighborhood is experiencing healthy appreciation, making major changes to your home might make sense. However, if there is not much difference between the prices of remodeled homes and those which have not been renovated, expensive changes may be hard to recover if you sell your home soon.
For other useful information you can visit WWW.LiveInClarkCounty.Com.
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I've seen this happen too many times. People over-remodel so that their home is now the neighborhood "White Elephant". You don't want to be the owner of a $500,000 home in a neighborhood of $250,000 homes!
If you must remodel, put your money where you will get the biggest return when selling. Kitchens and Bathrooms are traditionally the best bet. Also, put your money into items that need it the most. A new roof will save you potential headaches when it comes time for a new buyer to have the house inspected. Fix those minor annoying plumbing leaks or take care of any wood rot. These are items that will only get worse with time and again, will cause you problems at inspection time.
Spend your money wisely. Keep your house in a good state of repair and don't overdo the remodeling. You'll be happy when you sell your home and you're able to get out what you put into it.
Jim Reske, Realtor
Port Charlotte/Englewood, FL
Florida Waterhomes
Over improving it such a common thing recently. I think because it is so easy to go to Lowes and Home Depot so many have made this mistake. I feel bad when a seller is excited about the improvements made and then I have to deliver the bad new that the money spent would not be recovered.
I think people are more careful about this now than every before. Good post. It's up to the REALTORS to tell/ and or remind people of this.
Patricia Aulson/Licensed NH/ME/MA