In our last question, we learned that a down housing market is causing homeowners to invest in updates rather than move. Homeowners are taking on mini renovation projects and adding personal touches to their spaces, determined to stick it out for the long haul.
However, despite hunkering down, homeowners should keep in mind the effects their remodels have on the resale value of their homes.
Why We’re Asking:
Just because homeowners are staying in their current homes at the moment doesn’t mean they won’t move in the future. Our experts said homeowners are enthusiastically personalizing their spaces, embodying the attitude, “If we’re going to keep living here, we better love it.” However, is it possible they are losing sight of the potential resale value of their updates as they add more and more personal flair to their homes?
In case a homeowner sells their house eventually, what should they focus on now to get the best bang for their buck later? Are some projects better than others? How can they marry their own personal style with the tastes of a potential future buyer?
So experts, it’s time to weigh in:
What renovations have the best resale value?
What remodeling and/or design changes will have the best resale value and give a homeowner the biggest bang for the buck?
Should homeowners watch out for any popular remodeling or design projects that may improve the aesthetic of the home, but not its resale value?
How can homeowners marry their personal preferences with the those of the average potential buyer?
Experts, post your answers in the comment field below!