RENOVATIONS & IMPROVEMENTS
What are the updates and renovations to your home worth? This is arguably one of the biggest surprises and points of contention for sellers when pricing their homes.
While there are some home improvements that deliver a better return on investment when selling your home, you should not expect to recoup the cost of home renovation projects dollar for dollar. Because, while aesthetic changes may make a difference to buyers, they generally make little difference to appraisers.
Let’s say you’ve updated your home with granite counter tops and recently painted your walls to match current home fashion trends. You may think your home will be worth more than your neighbor’s home (which is similar in size and style) but has not been updated. Unfortunately, this is not always the case.
When an appraiser looks at a house they are checking to ensure your home has counter tops and painted walls, the type and color are personal preference and do not vastly affect the value of the home.
While it can be disappointing to discover that recent updates may not increase the value of your home, it’s important to remember that property improvements help attract buyers and help your home sell faster!