“Should I redo my kitchen or bathrooms? Should I install hardwood floors? What’s the best way to
get the best return for the money I invest?”
I hear questions like these quite a lot, so today I’d like to talk about costs versus values when it
comes to making changes to your home.
According to the Appraiser’s Board, there’s very little you can do to actually increase the
value of your home. If a renovation costs $50,000, you’ll probably get only about $30,000 back.
value of your home. If a renovation costs $50,000, you’ll probably get only about $30,000 back.
So what’s the point? If you spend that money, you might sell your home faster, your agent
and buyer might be happy, but YOU have lost money.
and buyer might be happy, but YOU have lost money.
“
”
Many times you can recover your investment and then some, but you have to consider the
update on its own terms.
update on its own terms.
”
On an individual basis, you can often actually recover your investment and then some, but you have to consider the update on its own terms. For example, if you were to redo your counters, that
might cost around $5,000 to $8,000 and you’d likely get that back. But if you redo the whole
kitchen, you probably won’t get a full return.
might cost around $5,000 to $8,000 and you’d likely get that back. But if you redo the whole
kitchen, you probably won’t get a full return.
So is it worth it? Sometimes it is and many times it isn’t
If you have any questions about whether or not a project you have in mind will yield a high return,
please feel free to reach out to me. I’d love to give you advice based on your individual circumstances.
please feel free to reach out to me. I’d love to give you advice based on your individual circumstances.
