Homeowners have to make serious decisions when it comes to home improvements. While some may decide it’s better to upgrade to a newer home, others may see the potential in their current property and reach for the stars by remodeling or expanding.
There are pros and cons for each, but it all boils down to one thing: what is the best choice for your family? If you already live in the best neighborhood with great schools, then it seems like a “no-brainer.” However, if you love your home, but not the area, then it may be time for a change.
I have to admit I really enjoy watching HGTV’s Love It or List It—I’m hooked! If you haven’t tuned in yet and you’re contemplating selling your home or making improvements to your existing property, grab your remote and change the channel—you won’t be disappointed.
The show offers a realtor’s perspective on one end of the spectrum versus the home improvement aspect at the other end. The stage is set and all possibilities are explored and carefully reviewed after the homeowner gives the designer/home improvement team a set budget to be used for remodeling and quick fixes, while the realtor searches for the clients’ “dream home.”
In the end, after each has worked their “magic,” it’s up to the homeowner to make the final call, and no matter what the decision, it’s a “win-win” situation. The home improvements made by the design team add value to the listing price, and the realtor perhaps may have just found a home that supersedes their expectations. In many cases, the scale is equal and it’s not an easy choice, especially if there is an emotional attachment, but the show always ends on a happy note and it’s always a choice that satisfies all parties involved.
If you and your family find yourself at this very same crossroads, here are a few tips and considerations to keep in mind. 1. Spend your money wisely! Make a list of everything you don’t like about your home and things you would like to improve, a wish list. Next, make a list of everything that needs to be improved on your home, like plumbing, roofing, electrical, heating (basically, all the things that can be costly, but a necessary part of maintaining the longevity and safety of the property). 2. Know the value of your home.
Research the area and find out what the average home is selling for. This will provide insight as to whether or not you should invest in major home improvements or look for a better location that will provide a secure long-term investment. 3. Do your homework—If you decide to move ahead with home improvements or renovations, make it a cost-effective choice. Use dependable contractors and stay involved in each stage of the project. The same advice holds true for choosing the appropriate realtor. Trust is crucial in both scenarios.
A monetary return on any home investment depends on the value of your home, which may be based on the location in which you live. Studies have shown that most key home improvements, like siding, roofing or plumbing (to name a few) will more than likely help hold, or possibly improve, the value of your home. Basic maintenance on a property is always an important selling point. Remodeling a kitchen or bath is also a worthy investment. Granite countertops, luxury appliances, fine cabinetry and finishing work (detailed moldings) all increase the appeal and value of a home.
Here on the East End, we have a plethora of amazing builders, architects, designers and craftsman if you’re seeking to remodel or improve your home. For those of you interested in selling or buying a property, we also have some of the best real estate firms in the world. The choice is yours: Are you going to Love It or List It?