Over the years I see many people that will upgrade and remodel there homes and spend 1,000’s of dollars. Many do it for different reasons, some to sell their home for more money and some remodel to their style.
That $40,000 in-ground pool and landscaping or high end kitchen you added to your homes might not be worth more then $5,000 to a typical buyer in today’s market. Doesn’t seem to fair your thinking… The truth is your in-ground pool, kitchen, and anything else you have done to your home is only worth what buyers are willing to pay for them.
As home owners we need to take a look at some of the things that we do to our homes. As a home owner some of the items fall into the category as maintenance more then up-grading or remodeling. If you spend $10,000 on a new roof because your current roof is leaking, you can’t expect to get $10,000 more for your home because of the new roof. Maintenance like this helps an appraiser determine the condition category for you home.
If you are going to remodel or upgrade your home, most of the time you will do it because it’s what you like and want to enjoy in your home. If you like marble floors and spend $20,000 to install them in your home, the next buyer might not like the marble and might prefer hardwood, carpet, ect. To them the marble floors have no value you.
Also take into consideration that if you purchased your home for market value, and you add $200,000 worth of upgrades to fit your needs and taste in style. Just remember that what might be the market value and common for one are could be an over improvement for the market area that you are in.