In a recent article for My Market Watch, a personal finance editor outlined several renovations that could actually decrease your home’s value. Really? Decrease? Yep – that’s right. Your motivation to make a few changes to your layout, throw some wallpaper on the walls or transform your garage into another living space might be ideal for your family – but it could hurt you when it’s time to sell.
Knock down a wall and create a larger master bedroom? Maybe not. According to Amy, more bedrooms can be better than a bigger master room because they can usually command a higher asking price.
Flip that garage into an extra living space? Think it over… Here in the Midwest, having a garage is a big benefit during inclement weather. The extra storage space is also a plus.
Read the full article here.
We also posed a question on our social media channels asking local REALTORS® their advice on home improvement projects.
MIBOR member Frank McManus suggests, “Generally speaking do not take on any project that isn’t going to be completed, (is) too complicated or you are not using a professional for, and/or is a diminishing return based on the neighborhood or general area.”
MIBOR member Brett Martin encourages you to work with an appraiser first, and really emphasizes that you need to get building permits if needed before doing any work so it is done legally and can be financed. Brett added, “HGTV shows most likely do not apply here. Condition and cleanliness go a long way. Be realistic: have your agent show you your competition and then, seriously consider whether or not you are priced to sell regardless of what you do.”
Do you have tips to share? Email us at firstname.lastname@example.org.