Funkify is a word I created to describe when a person makes a change to their home that works for them and doesn’t work for anyone else. Putting built-in wall to wall shelves for your 1000 miniature antique doll collection is not going to work well for resale. Choosing that gorgeous, expensive, one-of-a-kind sink for your master bath might get you oohs and ahs from friends and the salesperson at the design gallery, but buyers might be put off when you go to sell that house in 3 years.
I love when clients call and ask questions like “I want to add a bathroom but I’m going to have to make my master bedroom closet smaller – is that a fair tradeoff?” or “I read that if I add a screened porch I will get back 80% of that for resale, is that true?” THANK YOU! You are smart consumers and spend your money wisely.
So, as I read that more people are thinking about remodeling in 2010, I humbly beg of you:
“For all things good, PLEASE ask your real estate professional how these changes and choices will affect the resale of your home !!!”
Here’s some basic info:
One of the top things according to a recent survey is adding a bathroom which certainly helps for resale. A little input on choices like tile vs vinyl floor, shower vs tub/shower combination, vanity vs pedestal sink can help ensure that you maximize your investment in your home.
Should your master bath have a private room for the toilet? Can you remove the rarely used garden tub and put in a huge shower instead? If you are finishing your attic into a home theater, should you put in a half bath or a full bath? These are all relevant questions and the answers depend on your area, average price range, and target demographic for your home if you were to sell it.
How about kitchens? Let’s talk pantry. Any buyer interested in cooking walks into the kitchen, surveys the amount of counterspace for preparing and cooking, and then opens the pantry door to see how big the pantry actually is. If you sacrifice space in the pantry to put in more cabinets, the buyer is not going to appreciate it. I promise. Even when it gives you more square feet of storage space. Even when all the cabinets have full-extension pull out shelves. Even when you have a built-in cappuccino machine.
If you buy new cabinets for your kitchen, buyers usually don’t know how much extra it costs for the distressed white raised panel doors. So, go ahead and buy that level 4 cabinet, just realize a buyer is not going to pay you $5,000 more for your kitchen.
In the end it’s fine for you to do any of the changes you want and enjoy your improvements. Just be aware of how your choices affect resale and how much of the cost you should expect to recoup.