Yes and no......huh?
As pointed out on many occasions.....sometimes homeowners get carried away and by doing some upgrades the cost will not be recouped in a sale..... Why?
As a homeowner, if you are seeking to increase the value of your home you also need to look at the homes and neighborhood and overall market value of your area.
A Viking Stove or a pool may be your fondest dream.....but will you recoup the cost of such in your particular area?
Does not mean you should not proceed with your wants but be clear as to your overall intent of upgrades and remodel and do not automatically believe the value of your home will jump above the current market values for homes in your area in the event you need to sale in the near future.
Pools in particular can be an albatross or a blessing. There are costs associated with the upkeep of a pool requiring consistent maintenance. There are liability issues. On the other hand for those who love to chill out by the pool side and entertain makes them an asset and a blessing.....Take a look at your neighborhood......are there other pools in the area?
Probably the most simplest and least costly repairs or upgrades prior to going on the market is paint(neutral) and flooring.....neutral. Remove clutter, keep the yards maintained.
It is all about the first impression and street appeal....
Take advantage of energy conservation programs where you can get rebates and/tax breaks on dual pane windows and appliances.
For those homeowners who do not like to take care of back yards and pour cement in instead........you might want to rethink that as well.....you can design very low maintenance or no maintenance areas without pouring all of that concrete in.......If you do decide to install concrete make sure the contractor knows exactly what they are doing in terms of drainage and how to design the final touch up next to your foundation in terms of sloping etc. Water needs to run away from the foundation. Otherwise you have created a nightmare for your foundation and structure and inspection reports could cost you dearly in terms of repairs or negotiating your price downward considerably.
Are you saying not to remodel? Absolutely not.........what I am saying is when you update look at the cost associated with those updates and make sure those updates are in line with other remodel projects or homes in your area. You may update but perhaps choose less costlier materials and designs.
Buyers love updated kitchens....baths......
Think cost, investment and return.........
Blooming for Maryland home buyers.
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