Your Home is Your Castle…… Really?
As a seasoned real estate agent I’ve met my share of well-meaning homeowners who make changes to their homes that in actuality don’t increase the value by much, if at all. Would you believe that some renovations can even drag down the value of your home? Check out the following 5 most common home improvement blunders that can kill the value of your home.
- Going overboard for your area: Improving your home too much for the neighborhood can turn your home into a pricey outlier. How much is too much? That depends. If you’re in a really nice neighborhood, it would be hard to over improve something; however, if you decide to install a $20,000 pool behind a $60,000 house, you might get only a $5,000 to $8,000 return.
- Too much ‘you’ in your home: It’s fine to add a personal touch or two when you remodel, but keep in mind that you probably won’t live in your home forever. Consequently, your changes need to speak to a future homeowner – or be prepared to lose your additional investment and possibly more.
- Overstuffing the remodel: Quite often when homeowners remodel a kitchen or a bathroom, they put bigger items in there than there should be. For example: homeowners will remodel with a giant piece of furniture that includes a built-in sink and cabinetry that overwhelms the bathroom. Outcome: The space ends up feeling cramped, and future homebuyers will pick up on that. What you should do? Install a pedestal sink in the bathroom — with clean lines and no storage. Place most of your bathroom supplies in the linen closet and the result will be an airier, roomier space that both you – and prospective buyers – will like.
- Getting too trendy: Everybody wants a fashionable home, but too trendy can be a trap. My advice: Be very aware of what’s trendy, and avoid it at all costs! Steer toward looks that are a bit more timeless — so hip doesn’t become dated.
- Being colorfast: Color is a personal issue for homeowners. They paint their walls everything from deep blue to blood red. The problem is some homeowners are reluctant to turn those walls to a neutral color when it’s time to sell the home. That’s a huge mistake. What should you do? Enjoy your home in whatever hue you wish, but with the understanding that you’ll return it to neutral colors before the “For Sale” sign is planted.
Related Reading: Home Remodeling: A Slightly Better Value in 2013 by M. Lewis MSN Real Estate.
Featured Community: Bayway Isles
Bayway Isles is a prestigious, 24-hour guarded, deed restricted island community of almost 200 families. Consisting of two main islands, Bayway extends southward from the Pinellas Bayway into the aqua blue waters of Boca Ciega Bay. Most of the homes have a waterfront view across Boca Ciega Bay while others enjoy the views across the water toward Eckerd College. These single family homes are valued from the mid $500,000 to the multimillion-dollar range.
Unlike other nearby island communities, Bayway Isles is located within the City of St. Petersburg affording its residents all the amenities of a growing and prosperous city including excellent fire and police protection, libraries and a wide range of cultural and sports events. Homeowners range from small families to retirees. The neighborhood is located adjacent to St. Pete Beach and close to public schools, Eckerd College, grocery and boutique shops, hospitals, banks and restaurants.
Deed restrictions and architectural guidelines enhance property values in Bayway Isles. For instance, no signs are permitted including for sale real estate signs thus maintaining the neat appearance of the island for guests and residents alike. One of the most rewarding and appreciated features is the 24-hour entry protection, allowing Bayway residents the freedom to walk, bike or roller blade at their leisure at any hour and to especially enjoy evening walks outside. Other nearby amenities include golf courses, yacht clubs, fabulous fishing, Ft. DeSoto Park and the white sand beaches of the Gulf of Mexico.
If you are interested in buying or selling a home in this beautiful community, please call or visit my web site. I’ll be waiting!