Last year, I shared national data pertaining to the monetary value homeowners can expect to recoup from a home renovation, if they plan to sell.
I repeat – if they plan to sell.
Since writing that post, I have seen a few homeowners, who had once happily
dreamed about updating a bathroom or kitchen, have their hopes dashed by “people”
who gave them just enough false information to take away that hope.
The value of comfort in your home cannot be measured against real estate value.
So unless you plan to sell in the immediate future, renovate for yourself.
It’s your home! Live in it!
Myth vs. Fact #1
When you sell, a new owner will just gut your home and start from scratch
Let’s get something straight; gut renovation is a nightmare.
Unless your home is in condemned condition, this statement makes zero sense.
Not only is gut renovation prohibitively expensive, but the stress that accompanies it
will tax your nerves, your life, your relationships and – well – your TAX!
Your property taxes will go up, up, up.
And unless your relationship is as strong as a rock, you can expect … issues to arise.
This is a truth that very few people will speak frankly about.
One of the many talents that I bring to my clients’ tables is transparency.
And the colleagues whom I respect share my ability to be honest.
It’s not just our job to guide you in choosing the right tile, it’s also our responsibility to give you good, all-around advice.
I renovate homes every day.
You will probably renovate once in your lifetime.
Myth vs. Fact #2
You will never get an equal return on your investment.
This may or may not be true.
We are talking about your home – not your portfolio.
Homeowners that do not plan to sell their home in the near future should listen to the inner voice that tells them that they like their home and community.
Granted, a prospective buyer may not share your taste in pink wallpaper or gilded crown moldings, but these are the types of things that are easy to change, if it ever comes time to show your home to a potential buyer. Chances are good however that once you invest in a long-awaited renovation that transforms your home into the haven you have dreamed it to be, you might not be willing to let go of it at any price!
So ask yourself what you value.
You can’t put a price tag on happiness.