Remodeling and updating your home can cost big bucks (and be a mess.) Make sure you are spending your money wisely to make the most of your investment if selling your home & recouping some costs are in your near future.
1. Don’t over-improve.
It is typically not the best plan to own the biggest, most expensive home in the neighborhood with features no other home in the area has. While a source of pride for you, in terms of resale, a home that fits in with its neighbors is better. For example, spending big bucks on a kitchen remodel or a large addition in a modest neighborhood may not be the best investment. Study the homes in your neighborhood and update to be competitive, not over the top. If that is not possible, consider a move to get what you need.
Just like neutral paint, neutral spaces often work best. If you customize something so much that you LOVE it, just be aware someone else may HATE it. For example, a Home office space or a craft room is fine but don’t customize to the point that the spare bedroom no longer could operate like a bedroom. A buyer will just have to spend money converting the bedroom back and that can be a turn off. This also goes when spaces are eliminated, such as turning 2 small bedrooms into one larger one. It essentially removes a bedroom from the all-important bedroom count.
3. Inground Swimming pools
While a joy to some homeowners, pools are a powerful turn off to some potential buyers- you just have to wait for the right buyer to show up. Most will not pay extra for your pool, especially in Wisconsin where swimming season is limited.
Of course, all this depends on how long you plan to stay in your home and your desire to recoup money spent on upgrades. If it doesn’t matter and you’re staying put, do what you like. If you are updating to sell, pay close attention.
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