of thousands on the very same room.
It seems intuitive that you would upgrade as much as your budget allows and make your home into the jewel of the neighborhood. However, caution is in order here. While you will no doubt enjoy knowing that you have transformed your humble ranch into an HGTV-ready show home, such a move could backfire in a big way when you put your flip on the market. Look down your street. Observe the condition of the homes and yards in your neighborhood. Are they well maintained or a little run-down? What about the inside of the homes that you’ve been in? Are the interiors tastefully decorated and contemporary, or do they reflect the fashions of generations past, sporting an array of burnt orange countertops, olive green appliances, and paisley wallpaper? Whatever the case, that should be your measuring stick. The reason is simple — no one who can afford a $200,000 home is going to look in an area surrounded by $100,000 homes. Conversely, anyone looking in a neighborhood of $100,000 homes can’t afford the $200,000 you would like to charge, or they’re looking for a deal. Therefore, if you go all-in and design and build the ultimate spa getaway in your master bathroom or put in that home theater you’ve always wanted in the basement, you’re not going to get that money back if you’re the only home in the area with those kinds of features. Your home will sit on the market for months until you come down to a much lower price than you would have wanted. To avoid these kinds of mistakes, I recommend making use of a real estate agent, like myself, to help determine the types of renovations you can pursue that will return a substantial amount of the investment cost. Your agent will already be familiar with
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