Many homeowners look for ways to increase the value of their homes and a common and efficient way of doing so is through upgrades, which can be an excellent way to not only boost the eventual selling price, but also make a home more enjoyable for the family.
However, Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, cautions that not all upgrades are equal and, whilst many will deliver on returns, there are some remodels that can work against you and could even make your home less desirable.
“Some renovations will actually cost you money in the long run. Just because you regard something as an improvement doesn’t mean that potential buyers will feel the same way – and you could significantly decrease the pool of potential buyers if you’re not careful.”In other words, spending more than you can recoup in your neighbourhood.
“If you plan to live in your home for many years to come, then these upgrades are not as much of an issue as a decade or more of use and enjoyment will be their own return on investment and, with property being a long rather than short-term investment, it will appreciate over time,” says Geffen. “But if you plan to sell within a few years – or sooner – then you need to think carefully before taking the plunge. Use common sense, focus on more mainstream improvements and seek professional advice if you’re not sure.
“Ultimately, any over-personalization of your home is risky and can lead to a decrease in value so find a balance between what you want and what would appeal to the majority of potential buyers.”
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