Real Estate News with Terri Taydus, AHWD, CNA, CRS, GRI

Determining the Cost and Benefit of a Home Renovation Project

September 27th, 2012 11:59 AM by Taydus Taydus, AHWD, CNE, CRS, GRI

Check out this great article: Determining the Cost and Benefit of a Home Renovation Project  If you are considering listing your home, the tips in this article could save you time, money and frustration. 

Something else (not mentioned in the article) to keep in mind when considering sprucing up your home for the market - sometimes it is not a matter of getting dollar for dollar back out of your home by doing such renovations.  There are other hidden expenses that some upgrades could help you avoid, such as carrying costs by having your home sit on the market.  Sometimes updating the kitchen or bathroom may not yeild you more money (as the market in your area is only going to support as much as the going market value of your home) but it may make your home more marketable!  This means your home may sell faster than if you didn't make the renovations thus causing you to either carry the cost of the home (if you have already moved on to your next home) or it could put you in a position to negotiate more, and sell for less, if you have already found another home you would like to purchase but need to sell your current home first. 

By making your home more desirable to a potential buyer the rewards could come from a quick sale vs a higher offer - both having great value depending on your needs.

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Posted by Taydus Taydus, AHWD, CNE, CRS, GRI on September 27th, 2012 11:59 AM

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