Didn't Sell? Time to Renovate?
August 30, 2007
You really wanted to sell your present home and buy one of the brand new homes with all the modern improvements. For whatever reasosns, your present home did not sell and you have decided to stay put until the roller coaster mortgage and real estate markets stabilize. Recognizing that it might be awhile, you decide to do some renovation and improvement to your present home.
I would suggest that you check out the benefit that a particular improvement might bring to your property. Some improvements are done just because the homeowner has always wanted a pool, a gazebo, a tennis court, a red carpet, etc. If your ultimate goal is to sell your property, there are some improvements that actually lower the marketability. So be cautious!
Here are two books that offer good advice and are worth the $15-20 that they cost. Published in 2004, "How to Increase the Value of Your Home" by Vicki Lankridge and Daniel J. Nahorney is filled with facts, not just opinions.
Published more recently, "The First Time Homeowner's Survival Guide" by Sid Davis. This book is great in that it explains both home repairs and home renovations. There are probably other books that you might find by going to Amazon or just googling home improvements.
Bottom line, however, the criteria for deciding on whether to make a home improvement should be how much you will enjoy it as a homeowner, not just
how much return will I get on my investment.
You really wanted to sell your present home and buy one of the brand new homes with all the modern improvements. For whatever reasosns, your present home did not sell and you have decided to stay put until the roller coaster mortgage and real estate markets stabilize. Recognizing that it might be awhile, you decide to do some renovation and improvement to your present home.
I would suggest that you check out the benefit that a particular improvement might bring to your property. Some improvements are done just because the homeowner has always wanted a pool, a gazebo, a tennis court, a red carpet, etc. If your ultimate goal is to sell your property, there are some improvements that actually lower the marketability. So be cautious!
Here are two books that offer good advice and are worth the $15-20 that they cost. Published in 2004, "How to Increase the Value of Your Home" by Vicki Lankridge and Daniel J. Nahorney is filled with facts, not just opinions.
Published more recently, "The First Time Homeowner's Survival Guide" by Sid Davis. This book is great in that it explains both home repairs and home renovations. There are probably other books that you might find by going to Amazon or just googling home improvements.
Bottom line, however, the criteria for deciding on whether to make a home improvement should be how much you will enjoy it as a homeowner, not just
how much return will I get on my investment.
posted by shirley harry at 3:16 PM
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