Renovation of a home to increase appeal
For many homes that look outdated or have an older style or design it could make sense to think about some renovation or remodelling before trying to sell them. These improvements can make your home more competitive, at the same time however you need to make sure that when you sell it you get your investment back and then some. Sometimes renovation projects do not increase your profit but they maybe important not to fall behind the attraction level of other homes around you.
There are plenty of factors that influence these value adding measures. These factors are very local and often are different depending on the neighborhood the property is located in. By investing your money into the wrong improvements you will end up paying more than increasing the attractiveness or value of the property.
Example: If you live in a home with 2 bathrooms in a neighborhood where 3 bathrooms are considered standard you would probably make a good decision to add a third one. Increasing your living area to the double size of others in the vicinity will most likely not pay off. Local standards play a big role when looking at these improvements.
Renovating or remodelling your kitchen or bathrooms are in most cases a good idea as well as updating floors or improving landscaping. A brandnew air condition system usually is also seen very positive. However replacing doors inside or changing door knobs is mostly not recognized by a buyer. Adding a swimming pool to a home in a neighborhood full of pool homes is definitely worth looking into.
A lanai before - The new pool and lanai after