We’ve seen many instances where homeowners made home improvements assuming they would recoup their investment when they sold, only to find to their dismay that the improvements added nothing to their home’s market value and, in fact, even decreased it. How could this be? Actually, there are many variables involved in how home improvements relate to market value, so the question is more complex than it seems. Some of these variables refer to the general usability of the improvements, while others refer to an individual owner’s tastes and needs. For instance, while remodeled kitchens and added bathrooms nearly always generate a good return, a new swimming pool that means so much to one owner often makes a property less saleable generally, and so decreases its market value. This is just one example. So if you are thinking of remodeling, renovating, adding on, etc., please give us a call first. From experience we can help you determine how your home improvements are likely to affect the value of your home. This will help you develop a strategy for making improvements, as well as adjust your expectations about how much of their cost you’ll recoup when you decide to sell. That said, if making a move is more on your mind these days than making home improvements, please call or email us anytime. Or if you hear that any family, friends, neighbors or colleagues at that are considering selling — or making home improvements — please have them contact us at Linda@MashMail.ca or 905-404-5921.
- Post author:linda
- Post published:November 25, 2019
- Post category:Blog / Household Tip / Investing / Listing / Quick Home Improvements Guidelines / Selling