Home Improvement for House Value: Mistakes Part Eight
One potentially expensive mistake you can avoid if you're buying or a newer homeowner with the intent of selling a few years down the road, is changing a room's intent or function. Knocking a wall out to a bedroom to create a larger living or family room or turning a living room or dining room into a large kitchen isn't going to do wonders for your return on investment.
Changing Form and Function
Let's say your in the market for a three bedroom home, and the neighborhoods you want to buy in are typically three bedroom houses, and there's one home that you like. All the features of this home meet your needs like the 2 car garage, though it's only a two bedroom. It does, however, have an extra large living room. This residential property the same price average asking price as all the three bedroom homes in the area. Even though it may meet your requirements, be a nice home in an area you want to live in, ask yourself would you expect the price to be lower?
Or, how about this; let's say it's the same neighborhood and the two car / two garage home this time has super size kitchen, but the home doesn't have a living room or it too only has two bedrooms? You, as a buyer would expect to pay less for a home missing an average critical feature.
The temptation to customize your home is only natural, we all have our unique tastes and likes. The point here is, can you imagine how fewer buyers will be interested at the price you need to to coup a decent return on investment, you'll end up accepting, in some cases much less, than what you had in mind. Another choice is to put it back the way it was and pull the living spaces back into universal appeal and common character, but that too is going to take a big bite out of your investment down the road. The decision maker is, how badly do you want to customize the room's functions, and are you going live with less of return to actually loosing on return for the desired changes.
If you're needing to buy or sell Southern Ohio real estate, my business partner and I buy and sell dozens of homes each year, we're comfortable with what we do and love it. Give us a shout!