HOME RENOVATIONS THAT MAY OR (NOT) PAYBACK

There is a lot written about what home renovations to do or not do and what will generate a good return when you sell and what will not.  But as in most cases with real estate, “location, location, location,” is what makes all the difference.

If you have a summer home in the Hamptons, a swimming pool, media room, and open plan may be essentials not just enhancements, but probably not even desirable in rural Kansas. 

So too for the North Fork,  where so many buyers are second home purchasers with an eye towards a place for extended family to gather and enjoy not just in season but year round, some amenities may make sense, where they did not in the past.

If you intend to renovate for your pleasure, it would be prudent to keep in mind that not everything you do for your own enjoyment , will necessarily add value to a prospective buyer.

Certain improvements always add value, like new mechanicals – updated heat and air conditioning systems,  new appliances,  interior and exterior painting, gardens that add eye and curb appeal, just to name a few.  Other improvements like an in-ground swimming pool will for the majority be considered a plus, but the added expense of a gunite pool  versus a liner, is not likely to translate to a higher dollar-for-dollar return.  This is an esthetic that is very personal.  So too, elaborate bathrooms and fixtures may or may not be appreciated by the next owner.

If you are renovating with an eye towards resale, be prudent, don’t skimp on quality, but don’t over spend on every bell and whistle that’s offered.  Keep things neutral but tasteful.

Whatever improvements you make to your home, should be made with this in mind – recognize that this is for your own enjoyment, knowing that some choices will not necessarily translate to dollar-for-dollar return when you decide to sell. 

If you are considering renovations to your home and would like a “REALTOR’s” perspective, give us a call.  We will gladly meet with you and at no cost to you, review your plans and share ideas.  At Beninati Associates, we listen, we really care...and we get results!

Looking to Buy or Sell your Home? Call us at 631-765-5333, or visit us on our website: beninatiassociates.net.  We listen, we care…….and we get results!