At some point in the house search, potential buyers have to decide if it's worth it to keep going or stay where they are. I always advise my clients to seriously consider their best alternative to the desired solution - if you can't find a new place, what are you really willing to live with instead? I also give this advice when we are knee-deep in negotiations. It's easy to get emotional and upset with the other side, sometimes digging into a position. But if you're alternatives are worse than the offer on the table, it's important to revisit your goals and not cut off your nose to spite your face.
One solution to the low inventory is renovating a current property. This can make your home meet your family's needs better, even temporarily, and also add sweat equity for when you can finally make that move. Potential sellers always want to know which improvements will give the most bang for their buck - what makes their home more marketable, and which renovations actually recoup the most for their investment?
|Check online or design books for current color trends.|
For bigger projects, the answer will depend to some degree on the specifics of the particular house - the location, the price range, the market trends. For instance, if you have an older home that only has one bathroom, figuring out how to construct even another half bath is a smart investment; many people won't even bother to look at homes with only one bath. But if you already have three bathrooms, adding a 5-piece luxury master bath may not be the best place to put your bucks.
|An expensive upgrade may be overkill|
when a gas insert will do the trick.
|Wood shake shingles are a red flag for buyers,|
and some cities are already banning them.
Projects that are probably best avoided? Anything too unique or custom that won't appeal to a larger audience. Wine cellars and hot tubs may be an integral part of your lifestyle, but just as many people will rip them out as keep them when they move in. Also, large room additions like master suites or family rooms generally prove too costly to pursue. However, if the homes around you are popping the top and getting top-dollar for it, your home may be an exception to this rule of thumb. If you'd like a professional contractor to give you estimates and advice on the projects you're considering, give me a shout; I've got several trustworthy recommendations I can give you.
I would love to help you with your real estate journey.
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