Hey there! Welcome to another edition of the Worst Advice series, where I discuss some of the worst advices you hear from people about real estate and debunk them.
Real estate is such a good investment, and at times you may find yourself renovating parts of your home to raise its value. You may find yourself between crossroads, whether you should continue upgrading for the sake of the value of your home or just hold on to it because you're not really feeling it and the current setup works out for you just fine. Then some guy walks in and says "Don't worry about the cost, it'll be returned to you 100% once you sell the home anyway!" That thought sticks to you, and makes you think that you should probably go with it anyway, with the expectation that you'll get 100% of your money back.
Don't fall for it! Reality is sometimes disappointing, and it feels so much more like so if you have your expectations through the roof. You may or may not get 100% of the renovation costs back, and that depends on many factors, like when the renovation was done vs. when the home is being sold -- there might be a 10-year gap, which might make the renovation obsolete. Remember, what's cool today might not be cool 10 years from now.
While it is smart to renovate a home according to the specific trends of this decade in real estate, make sure that you renovate your home according to what you need and where you're most comfortable with. Renovate for yourself - get that Warhol-style portrait you've always wanted to display in your home office, or transform your backyard into a Zen garden. These minimal changes ain't going to hurt, especially if it helps you live in your home much more comfortable.
What do you think of this advice? What renovations have you thinking about having around your home? Let me know in the comments below!
Need more real estate tips, and want to know what your home value is? Let's talk! Call me at 703-625-4949 or visit my website at www.RituDesai.com for more information.