Understanding The Financial Differences Between Home Renovations

Some improvements are likely to increase your home’s value. However, others may actually decrease potential buyers’ interest in your home. So, put away your toolbox until you know more about projects that typically don’t pay.

Too Much Improvement

When you remodel your house, it should be in keeping with your neighborhood. Having your house stand out as the nicest one by far is often not a good thing when you’re trying to sell. Too much improvement may not pay off since the market price of your house may be limited by your neighborhood’s home values.

House Unusual

Unusual renovations, such as converting a garage into a home gym or adding a backyard basketball court, could turn off potential buyers. Another thing to consider is keeping things standard shapes and sizes throughout the home. You also may want to stick with standard sizes and heights for countertops and kitchen and bathroom fixtures.

Amateur Workmanship

Don’t do it yourself if you’re not handy. First of all, the results will probably show that you didn’t hire a professional. And secondly, structural mistakes and building code errors will show up during a home inspection. If your home fails an inspection, you could either lose a sale or be forced to lower your selling price.

To learn more about how to make most of your home as an asset give us a call today. Our Atlanta Accounting and Tax team is always available to answer any questions you may have. Call us at 404-504-7051 or request a free consultation online.