My name is Monika Cabaj and I am a real estate broker at Redco and, I would like to give you my insight...
You certainly know that you live inside one of the biggest investments you’ll ever make in your life. The home we choose to live in can either increase in value or decrease in value depending on how well we take care of the investment and what we choose to do for improvements.
We all know the basics when it comes to improving the value of a property. Light and bright colors make a home feel bigger while darker colors make it seem smaller. Wild and crazy colors that aren’t neutral will negatively affect the overall marketability of the home. That’s all pretty basic. But sometimes a homeowner doesn’t realize that structural changes or room additions can be good OR bad, depending on the circumstances.
Let’s look at a few examples here.
Big open windows are always a good investment as long as it doesn’t negate the privacy we all seek from the surrounding homes. Again, this brings in lots of natural light which makes the home more desirable to everyone except vampires.
On the contrary, adding a pool out back can be a good thing or a bad thing depending on the market. Of course, a pool will nearly eliminate your prospects of ever renting your home out or selling it to an investor because renting a home with a pool to a tenant creates additional liabilities that can create major issues financially.
Meanwhile, as long as you don’t go overboard, fencing in a yard is generally a good investment because it will make the home more desirable to those that have pets or young children. As a real estate agent, I can tell you that a lot of the home buyers I’ve worked with over the years chose to only look at homes that had a fenced in back yard so without that amenity, they wouldn’t have looked at another home REGARDLESS of the price they reduced it to. Even compensating for “no fence” in an asking price wouldn’t have worked because that was their most desired criteria and they’d only look at homes that had a fence. The key here is that you’ll want to build a fence that makes sense financially and still looks good, rather than going incredibly cheap or having the Taj Mahal built to the tune of $25,000.
Oftentimes I’ll get a call from my clients asking about adding a deck or a patio. This is always a wise choice as long as it’s done to high quality professional standards and it is designed to look good on the property. Nothing too big or too small. Remember, while people are buying the house itself, they are also considering their ability to enjoy the outdoors.
Sometimes you’ll need tall trees or bushes to hide an unsightly neighbor addition or something they have on their property that doesn’t look very appealing. When considering improvements, you want to think about the features you can accentuate as well as any less desirable features that need to be shielded from view to enjoy the outdoors.
Also remember that you will personally gain benefit from the additions while you live their yourself so don’t discount any improvements based on finances alone. Call me or email me if you have any questions or need a good contractor or repairman! Monika Cabaj, Redco