So you like your neighborhood, but your house is too small.


 

Before you start renovating, talk to a Realtor and know what the comps are in your neighborhood so you don't end up over-improving the home.


 

For example, we once had a client who bought a $600,000 home back in 2007 and decided to renovate, and the quote they got for that renovation was $750,000. The renovation was only going to add 475 square feet, and the value of the home would've increased to anywhere from $1 million to $1.35 million, or about $400 per square foot.


 

That wasn't too far off from the neighborhood comps, but at that point, you have to seriously consider how long you plan on staying in the home to know whether the renovations are worth it or not.


 

Renovations and upgrades sound like a good idea if you're a homeowner, but not every renovation gets a dollar-for-dollar return on your investment. If you make an upgrade for your own enjoyment, that's fine, but not all renovations are created equal.


 

If you'd like to know more about which renovations would be best-suited for your home or you have any other real estate questions, don't hesitate to reach out to me. I'd love to speak with you.