10/09/2024
2 Costly Home Renovation Mistakes We See
1). Not considering median home price levels
Home renovations always boost the value of a home. It’s a fact, right? Well, not always. A home’s real value is limited to the median home price value of the neighborhood it’s located in. This means, even if you invest in a major renovation, there’s no guarantee you can recoup the money you put in.
Is all hope lost then? Are you confined to value of your neighborhood? It is just doom and gloom? Absolutely not!
There’s an easy way to make sure you don’t put more money into a project than you need to. It’s as simple as researching the neighborhood’s median home price levels. T
his should help you assess how much to use for renovations to ensure you recoup your investment.
When done right, renovations are an investment you can bank on.
2). Not investing in the right home renovations
It’s important to keep in mind that what seems like a good idea to you might not be so attractive to homebuyers.
A temperature-controlled wine cellar with built-in storage? Sounds like the best idea EVER. Well, to some buyers, they’ll only see it as an unnecessary expense. And wine should never scare people away. Never.
Take note as well that buyers love upgrades they can see. The best investments? Adding quartz countertops, creating a patio, refreshing the landscaping or retiling bathrooms. This all excites and delights.
Investing in your home’s electrical system, adding insulation or redoing the plumping are great, but don’t expect buyers to value these renovations as much.
Sometimes, surface-level beauty really does pay off.
For your upcoming home renovation needs, contact HomesReinvented by SatinTouch and schedule your free design consultation.
