Home Improvements: A Smart Way To Look At Them
Same Day Carpet Cleaning Pacoima — When it comes time to sell your home, what home renovations actually pay off?
For any homeowner considering relocating or remodeling, this is a crucial question. And the only feasible solution is a bit of a puzzle.
That answer begins with the fact that significant renovations – room extensions, complete kitchen and bath replacements, and so on – rarely pay off completely in the short term. It ends with the fact that small and relatively inexpensive changes can pay off in a big way in making your home attractive to buyers if your decision is to move now.
It’s a simple reality, constantly demonstrated across America over a very long period of time, that even the most appropriate substantial upgrades are unlikely to recoup their full cost if a house is sold within two or three years.
Are significant house improvements usually a bad decision because of this? No, not at all. It does mean, though, that if your current home fails to suit your family’s needs, you should think twice – and carefully – before embarking on a substantial remodel. Major modifications rarely make as much sense in terms of investment as selling your current house and purchasing one that has been carefully selected to offer you with what you desire.
Even though you have a specific and deep affinity to the house you’re in and believe that if it had more beds and baths, for example, you could be happy in it for a long time, there are a few basic guidelines to follow.
In this regard, the most basic guideline is that you should never enhance a property to the point where its desired sales price is more than 20% higher than the most costly of the other properties in the nearby neighborhood, unless you really don’t care at all about eventual resale value.
Try to raise the value of your house too high, that is, and surrounding properties will pull it down.
Here are some other rules worth remembering:
Never rearrange the interior of your house in a way that reduces the total number of bedrooms to less than three.
Never add a third bathroom to a two-bath house unless you don’t care about ever recouping your investment.
Swimming pools rarely return what you spend to install them. Ditto for sun rooms and finished basements.
If you decide to do what’s usually the smart thing and move rather than improve, it’s often the smaller, relatively inexpensive improvements that turn out to be most worth doing.
The cost of replacing a discolored toilet bow, making sure all the windows work or getting rid of dead trees and shrubs in trivial compared with adding a bathroom, but such things can have a big and very positive impact on prospective buyers. A good broker can help you decide which expenditures make sense and which don’t, and can save you a lot of money in the process.