Sometimes the phrase “resale value” becomes crippling for homeowners who fear that any changes they make to their home could cost them money down the road. That is one of the biggest misconceptions in the world of real estate. The truth is, that the only time a revision to a home negatively affects re-sale value is when it wasn’t executed properly. Most of us don’t know who to trust, so we ask a realtor as that is the person who will “market” the changes you make to your home when you go to sell.
As a professional home restoration consultant and real estate investor, we have always found that a well planned and executed renovation adds to the value of the home. We’ve encountered many realtors who say that removing a bedroom from a three bedroom bungalow to add an ensuite bathroom will ruin the re-sale value, but when they see what we’ve done to the home, they appraise it much higher. In one home we removed a bedroom to create an entertaining kitchen in place of a dull and dim galley kitchen and the house sold the moment it went on the market, and for a record price.
In all of our investments we have increased the value of the home despite objections from realtors who are, quite legitimately, only answering the “value” question based on a check list form that feels familiar and is an industry standard. To be fair, the realtor has no idea what you are planning and can only truly appreciate it once it’s been completed. Another example is a house where we removed a fourth bedroom and created a dramatic and spacious Dressing Room off a master bedroom. Now, the Master Suite features a large bedroom area overlooking a lake view, a large Dressing Room and a large Ensuite Bath. That change transformed a dull family home and moved it into the luxury home category and will definitely sell immediately upon listing fully due to the advanced planning, expert execution and the eventual Wow Factor.
Whenever considering changes to your home, consult with a professional who knows how to accommodate re-sale concerns. That planning will pay off in the long run but most importantly, you get to enjoy all the years between now and then in the home you want to live in. That itself is the big payoff!