Call Me – Carolyn Giandonato – 239-243-4082 – CNN Real Estate Team
Have you been considering any home improvement projects? Adding upgrades to your home involves a delicate balance between remodeling expenses and maximizing your home’s universal appeal. Whether or not you are considering the sale of your home, I would be happy to share my real estate knowledge and expertise with you. My professional experience can guide you through the financial part of your decision-making process, giving you the best advice on which home improvements will provide the greatest increases in value in today’s market. In the remainder of this month’s market update, I will briefly cover 4 home improvement projects most home-owners should avoid. Feel free to contact me if you would like to know more about this topic or anything else regarding the value or sale of your home.
Here are some upgrades that are great for personal enjoyment, but are typically mistakes when trying to increase your home’s value:
Four Home Improvements Most Owners Should Avoid
1. The Home Office
Having the space for a home office is convenient for personal use, but the cost of adding one to your home is not always a wise investment. Custom cabinets, shelving, and furniture costs can really add up in a hurry. Remember that a potential buyer might not be spending as much time in their home office as you once did. When it comes to adding home value, a home office addition generally receives only a 50-75% return rate.
2. The Upscale Master Suite
Certain areas of your home are packed with creative potential, but don’t go overboard when it comes to upgrading the master bedroom if you’re looking for a solid return. Sitting areas, fancy electronics, custom closets, bookcases, stone vanities, and elaborate plumbing will easily make you the envy of your friends and neighbors, but it won’t make them envy your checkbook. Many of the unique features sellers think of as dream-home qualities, overtake the standards of the neighborhood, and in turn, don’t pack a financial punch when it comes to return on investment.
3. Various Room / Square Footage Additions
Home additions can get very costly when it comes to adding more square footage. Average sized rooms, when finishing costs on the interior and exterior are included, can rack up a price tag of over $50,000. Depending on the room purpose, an addition will bring back as little as 50% of your investment. You are better off putting the money toward remodeling existing or unfinished space. Again, keep in mind buyer appeal when considering adding square footage.
4. Upscale Kitchen Remodeling
Granite countertops, custom cabinetry, and commercial-grade appliance upgrades have the potential to bring back a big return financially. A common mistake is focusing only on the kitchen when making home upgrades. This leaves the rest of the house falling behind in quality and appearance. As with any renovation, make sure it stays in tune with the overall flow and feel of your home. Also remember the kitchen is still the heart of the house, but not everyone needs the tools to produce a commercial-sized dinner.
Your goal in home remodeling should be to keep up with your neighbors, but never fully surpass them. Knowing the trends and status in your neighborhood is key for determining which upgrades are solid investments, and which ones will leave your home lingering on the market. If you are unsure of where to get started, get some home improvement ideas by visiting open houses in your own neighborhood, or call me for free advice. While remodeling, remember to focus on keeping styles clean and neutral.
Call Me – Carolyn Giandonato – 239-243-4082
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