Tuesday, May 12, 2015

Building New or Remodeling Your Current Home? READ THIS FIRST

We all like NEW!

Are your home upgrades worth the money?
Upgrades are a good thing but only if they are consistent with keeping your home valued with the current market rate.

First, maintenance and upkeep are different than upgrades.  Fixing things that are failing, broken or worn out are just part of home ownership. Upkeep maintains value and if your home is not properly maintained, you may see a decrease your value over time.  Also, if all the homes in your neighborhood are starting to remodel with updated fixtures, countertops, paint and flooring, you should consider doing the same.

Have a licensed agent who knows your area consult with you prior to putting in some hefty upgrades. You may decide to re-think some of them. Here's why:
  • Unless you plan to stay in your home forever, consider your major upgrades before you do them as most upgrades do not get back what you put into them if you decide to sell.
  • Know what the current market value is for your home.  If you put in upgrades that you feel bump your value up way over what the neighborhood can bear, understand that you most likely will not see this investment returned.
  • Realize that situations do change in our lives and what we planned on doing may very well have to change quickly. Long term investments should be carefully considered.  

After all, even if your home is listed at your desired price and receives an offer, if it doesn't appraise we will be re-visiting the price at some point.  Even if a cash offer came in, most buyers are savvy and would still not desire to pay way over market value in any neighborhood.

Are you planning a move within the next five years?  Now is the time to call for a consultation. Having your "ducks in a row" will keep you on track!

Sarah Marrinan, Realtor, Twin Cities, www.CallSarahFirst.com

Read more:
Tips for buying NEW construction homes

No comments: