Most Homeowners Make Home Improvements For Two Reasons


Most Homeowners Make Home Improvements For Two Reasons
By Scott Rogers • August 8, 2024
Whether you are finishing some basement space, remodeling a bathroom, or upgrading your flooring, most homeowners are making home improvements for two reasons... 1. Greater Enjoyment and/or Utility This is typically the starting point for talking about or dreaming about a home improvement project. Homeowners will often imagine how they will get greater enjoyment out of, or greater utility from, their home after they complete their renovation project. If only we had some finished basement space for the kids to play and for guests to stay when they visit... if only we had a nicer primary bathroom... if only that old, tired, dated flooring looked a bit nicer... Homeowners almost always consider home improvements or renovations because they believe they will enjoy their home more after the work is complete... or their home will fill their needs (or their family's needs) better after the work is complete. 2. To Improve Their Home's Value Most homeowners wouldn't embark upon a home improvement project if it would lower the market value of their home. ;-) Thus, most homeowners consider making some home improvements or major renovations because they believe it will increase the value of their home. But... most home improvement projects have a less than 100% return on investment. That is to say that if you spend $50K on a home improvement project it might only increase your home's value by $20K to $30K... and if you spend $150K on a home improvement project it might only increase your home's value by $60K to $120K. Thus, in most cases, it is important that a proposed home improvement project checks off both criteria above... 1. You will get greater enjoyment or utility from your home after the work is complete. 2. The project will improve your home's value, even if not by the full cost of the work. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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 24, 2024 (unless otherwise noted).
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