Making Home Improvements In This Soft Market
Posted by admin under: Main Oct 31
Investment potential is just one variable to consider when weighing whether to improve your home and how much to spend. Quality of life is also a major consideration. Generally, the longer you plan to stay in your home, the more it makes sense to make home improvements that will make your home more user-friendly. However, keep in mind that a basic rule of investing in real estate is to avoid over-improving for the neighborhood. Appraisal standards have tightened recently along with credit standards. To get the most “return of investment” out of a major renovation, make sure that the work is done with a building permit. An appraiser might not be able to count an attic, garage or basement conversion as livable square feet unless the homeowner could show that the work had been done with permit. This in turn could result in an appraisal far lower than the buyer might expect after spending money for the renovations.
Quality of life, home improvements, building permit
Source: Making Home Improvements In This Soft Market
Wednesday, October 31st, 2007 at 11:39 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.