To Improve or Not to Improve
Homeowners looking to update or improve their home are often faced with one question, "Will it be money well spent?" The answer, according to Rick Brainard, depends.
"If your primary focus is personal enjoyment, then I think you should feel free to improve your home to your standards," affirms Rick, "As long as you understand that future buyers may not value the improvement as much as you." If return on investment is important, Rick cautions that your approach should be different.
"Your kitchen and master bath are generally the best places to spend money," says Rick, "As these are typically the rooms that buyers focus on." He further adds that creating or developing an outdoor living space is also attractive to future buyers and can increase the value of your home.
It is also important to take your neighborhood into account when making improvements. "You don't want to over-improve compared to the homes around you," explains Rick, "Because you may not be able to sell at a price that supports your investment." On the other hand, you don't want to lag behind since buyers have certain expectations given the neighborhood.
Still not sure whether your improvement will be money well spent? Rick suggests contacting a Real Estate Agent with local experience and expertise to learn which home updates appeal most to buyers in your specific neighborhood.
The Laue Team
15400 Boones Ferry Rd
Lake Oswego, OR 97035