HEY ANN-We love the house you found for us 10 years ago and we are now spending more and more time here. We would like to make some major changes including making the attic into a guest suite, adding bathrooms, putting in new insulation (the 1857 insulation doesn’t cut it.) Major investment and we just want to know if it will increase in value to cover the cost.
One of my favorite lines is “There are no crystal balls in real estate.” Over the years, people have purchased in a high market and found themselves selling in a low market. Taking a loss. And, of course, those buying at the bottom of the market, like in 2008, have seen significant increases in value. Everything you do to improve your house should be to increase your enjoyment of living there. That should be your primary consideration in considering major changes because, obviously, the improvements are going to enhance your life style. Whether you get the money back at some future date is less important than having the extra bathrooms, an updated and convenient kitchen, more bedrooms for the growing family and friends who join you on weekends, ending high heating bills with an energy efficient house.
This couple has done all the improvements we discussed standing in the parking lot of the Price Chopper Supermarket. And they were able to have their kid’s wedding there because it worked out so well.
And if your question about investing in improvements to your home is because you are planning to put it on the market, the investment should be done with guidance and advice from a real estate professional. Sometimes simple enhancements make more of a difference than a major costly change. Understand that buyers, for the most part, will want to redo the kitchen and bathrooms to their taste and it doesn’t pay for you to do more than freshening up with a little paint or wallpaper, decluttering and let them use their imagination. There is a lot more psychology involved in helping buyers see potential in the property than you might imagine.
Please feel free to ask me about your property. There is no obligation and a free market evaluation is always a good way to start your planning whether for now or for the future. It will be my pleasure to be a resource for you.
For More Information about Ann Levitt CLICK HERE