It Is OK To Improve Your Home Beyond The Value Range Of Your Neighborhood, But Realize That You Are Doing So, And The Potential Consequences


It Is OK To Improve Your Home Beyond The Value Range Of Your Neighborhood, But Realize That You Are Doing So, And The Potential Consequences
By Scott Rogers • September 24, 2021
I've written about improving your home a few times this week... Basically, All Remodeling Projects Will Cost More Than They Will Add To Your Home Value While You Might Not Recoup The Cost Of Remodeling Your Current Home, Maybe You Should Do It Anyway! Thanks, to Frank, for spurring on many of these thoughts and topics. On to one more important concept to note... It is possible to over improve your home within the context of your neighborhood. A stark example... homes in the neighborhood usually sell for $300K to $350K you spend $125K on your $325K home and hope it will be worth $425K As you can imagine, it might be hard to sell a $425K home amidst other homes that are selling for $300K to $350K. So, yes, it is quite possible to over improve your home compared to your neighborhood. It is OK to do so -- but you should just realize, going into the renovation project, that you are doing so -- and understand that it will likely mean you will see an even lower percentage of the cost of improvements contributing towards the post-improvement value of your home. Perhaps, though, I have oversimplified all of this. If you considering making some renovations to your home -- feel free to loop me into your thought process and I'm happy to provide you with some candid feedback to help you think things through. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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