Princeton Town Topics – August 31, 2011
DON’T OVER-IMPROVE YOUR HOME
You have received some extra cash you were not expecting and have decided to remodel your home. If you are planning a major renovation, take a few sensible precautions before having plans drawn up and signing on the contractor’s dotted line.
Whenever you do any significant remodeling, you run the risk of over-improving your home in relation to other properties in the neighborhood. I will be glad to provide you with a comparative market analysis of what your home is worth. I can tell you about local market trends and discuss the recent sales of comparable homes in your area. If properties in your neighborhood are experiencing healthy price appreciation, doing some major remodeling to improve your home might make sense. However, if there is not much difference between the prices of remodeled homes and those that have not been renovated, expensive changes may be hard to recover if you sell your home soon.
Call me to discuss your particular circumstance.
