There are many myths in real estate.
Among them is the believe that every dollar spent adds a dollar to the value of a home.
"I bought the home for $200,000 and spent another $100,000 on improving my home, so it's worth $300,000!". And as many sellers have learned, that doesn't hold true in the Cincinnati area. Buyers don't really care how much you spent, but what a home is worth relative to similar homes.
Now it's true that many home improvement projects DO add to the value of a home. Finish the basement and add living space? While not a dollar for dollar return, you'll do well when you add quality living space.
Ditch the basic builder contract kitchen and spiff up the kitchen? That tends to do well too. Same for remodeling the bathrooms (within reason).
But there is a point at which an improvement can become a waste of money. If you overpersonalize your home, your improvements can actually HURT your ability to sell your home.
Improve beyond the norm for your neighborhood and your return is about nothing. For instance tonight I was out with buyers and a home had a shower that would have easily fit into a home 2 or 3 times its asking price. But for that home, all it really added was a WOW factor, but no reason for a buyer to pay more than the going rate for the neighborhood.
So how do you make sure you make good choices with your remodeling projects? Who do you know that is in and out of homes all the time? That's right, your favorite real estate agents. We see trends come and go. We know what buyers love and hate (at least on average). We know what gives you a good return on your dollar and what you do just becuase you're going to enjoy the change and not because there's a dollar return for your work.
So before you get ready to make a major change to your home, give us a call. We'd be happy to help! After all, someday you may want to sell that home, and if you do, we want to be the ones to help!
Ready to talk Cincinnati area real estate? Just give us a call at 513-520-5305 or email Liz@LizSpear.com.
We look forward to hearing from you!
Bill & Liz aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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