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Things Homeowners Should Think About When Investing In Renovations

Redecorating and renovating your home may improve its value, but some investments are wiser than others.

You may have just purchased a home that needs some upgrades, or perhaps you’ve been in your home for quite a while and it’s time for some…modernization. Either way, you’re looking to make your home look and feel more appealing to you, your family, and perhaps guests who come to visit. Now it’s time to add, or upgrade, your own personal touch to your property. But how do you simultaneously add your own personality while adding value to your home?

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Subject to personal tastes

In discussing adding your own “personal touches” when redecorating or renovating your home, you should still consider overall value and saleability. This doesn’t mean you can’t decorate in your favorite colors, or add those special built-ins that you’ve always wanted, and you may think that you’re NEVER selling your home. Even if that’s the case, remember that overall value of your property is still important even in refinance situations where an appraisal is required. While appraisers don’t necessarily count decor in their assessments, they do count functionality. This means that the upgrades you’ve made to your home must also make sense to anyone else who may eventually purchase the property. IE: Don’t put a toilet in the middle of your garage (You may laugh, but it has been done!).

Kitchens and bathrooms sell houses.

The old adage is true. The best places to put your investment dollars is into your kitchen and bathrooms. And why is this? These are the two areas of the home where the most time is spent, believe it or not. They both serve purposes from a function perspective, but they each also are reflective of either family interaction (Kitchen), or places of solitude (Bathrooms). Putting your money into decor and upgraded features is a smart move, especially if you are desiring to improve your investment dollars, and more importantly if you are renovating in an effort to sell your home.

Outside renovations: Make sure it conforms to neighborhood standards.

Yes, we all want to make our own mark when it comes to our property, especially with single family homes. Our property is our own piece of the world, our own “tiny nation.” However, you do want to make sure that the outside of your home is in keeping with the quality of your neighborhood. This doesn’t mean that your home can’t be the most beautiful on the block, but we want to stress the importance of not sticking out SO much that potential buyers see your home as a “white elephant.” Increasing your home’s overall living space 1000 or 2000 square feet above any other home in the neighborhood, or adding a second story in a development full of one story homes may actually be a detriment to your property value.

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