Do home improvements really increase property value?
Will Home Investments get you Top Dollar for your Real Estate Property?
Published September 27, 2007 in a Toronto Metro News article, “The Three Kinds of Home to Sell” Re/Max Realtor, Amit Paul answers the question, “Is it worth my while to invest money into fixing up my real estate property right before selling it?”
According to Mr. Paul, it depends on how your home is perceived by your potential buyer. They will view it as one of the following three types: The Fixer-Upper, the Charm or the Gem.
His analogies for these three types of homes will have you on the floor laughing; I recommend you take the few minutes to read the article. But if you don’t have the time, here is the gist:
- If investing a little time and money into home improvements will move your real estate property into the next level, say from The Fixer-Upper to the Charm in the eyes of your buyer, it’s worth it.
- If your home is no where near the next category, then your time and money won’t be recovered from the real estate sale.
One more tip Mr. Paul shares:
If your potential buyer is a family, then it is the Mrs. you must impress. Therefore, spend your money wisely and invest in improving the master bedroom, bathroom and/or kitchen.
[…] and want to increase the value of your property. We addressed this subject in an earlier post, “Do Home Improvements Really Increase Property Value?” […]