Move or improve?
Everyone who owns a home knows that families grow, kids eventually finish school and move out, and nothing lasts forever. As our need for space increases or decreases over time, we are apt to think about making housing changes to better suit our requirements.
Upsizing from a small starter home that was perfect for honeymooners to a 3-bedroom, 3-bath model that would eliminate the early morning wait in line at the bathroom door makes a lot of sense. But for those with an emotional attachment to a home and a love for its location, building an addition is often considered.
A lot of thought and research must precede making such an important decision. Putting $100,000 into a home could make it the most expensive in the area. Years later, when you want to sell it, having the highest priced house in the neighborhood might make its sale difficult.
On the other hand, some home improvements really pay off. Replacing an old hot water heater with a new solar-powered system will not only cut down on energy usage and cost, it will make the home more attractive to buyers. Upgrading from faded laminate countertops and vanities in the kitchen and bathrooms to granite is not just something that you will enjoy now. It, too, adds to the value of the home. In general, major improvements and upgrades to kitchens and baths reap the best return, bang for the buck, when a home is sold a few years later.
While some improvements are universally applauded, don’t expect the next buyer of your home to pay the freight for your lavish and frivolous eccentricities. You might have spent $30,000 to have custom concrete work done on your patio, pool deck and driveway. But if the potential buyers think the design or color is too over-the-top, they might walk away and buy a competitor’s offering that’s lower-priced and more plainly paved.
If you find yourself in a move-or-improve situation in the greater Daytona Beach area, the experts at Waverly Property Group are ready to help. Before you make that $100,000 investment in a new kitchen or build a new bath, Ramara Garrett, broker/owner, and her team of real estate professionals can fill you in on comparable sales for existing homes in your neighborhood. They can tell you what you might expect to pay for a home that already has the space and features you need. And if you decide to move up but keep that starter home as an investment property, Waverly Property Management Group is ready to help you find a tenant or turn your precious gem into a vacation rental dream maker.
As a property management service you can develop a systematic method of collecting critical information o on the environment . The information should include knowledge of customer satisfaction, noncustomer buying habits, technological developments, competitors, and relevant government policies.