Planning to make a move in the New Year? Market conditions are changing and it’s likely to be highly competitive out there. If part of your plan is to complete some up-grades on your home, be careful about which ones you choose and just as important, how much you spend. Overdoing improvements in what’s turning out to be a buyer’s market won’t likely reap the rewards you are hoping for.
So you ask, which ones pay and which ones don’t? Most commonly, kitchens and bathrooms net the most return on your investment, followed by energy saving improvements, including windows and doors. That being said, maybe the changes you are planning won’t be worth the money spent. Instead, the following might be better advice.
1. Know Your Own Market Area: If you want to go for a full home make over, you better make sure that your finished product will not put your home in the “over-improved” (translation: over-priced) category. Exceeding what homes might generally sell for in your neighbourhood is sure to guarantee you a long time on the market or offers considerably below asking. And if you do sell, you are very likely to lose your investment. So consider wisely!! Talk to your agent about what you plan to do and seek his/her advice before beginning any renovations.
2. Thinking about adding a back-yard pool? You might want to think again. In many cases, you’re unlikey to re-coup your investment. Why? Because in-ground pools cost thousands of dollars to install and many people don’t like them because of safety concerns for young children and maintenance costs. You take the chance of waiting for a buyer wanting to buy a home with a pool, rather than installing one themselves and even then they are unlikely to pay you back.
3. Re-consider making extra space in your home by eliminating the garage and making it a family room. If it makes you the only one on the block without a garage, it will hurt your chances of a sale. A place to park the car or having storage far outweighs the family room.
4. Now is not the time to experiment with colours and decor! While beige might be boring, beige sells because the next owner has the freedom, at low cost, to make his own improvements. And while you are at it, put those personal extras in a box and take them with you to your next home. Simple and un-cluttered is better and you will reap the rewards.
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