Real Estate - Home Improvements, Anyone?
Most people idea of home improvements are not really even improvements. Most people waste money on their home improvements or over improvement or build to such unique tastes that they have no value.
Flooring, most Realtors will tell you and their clients to just rip it up and put in some thing that you like when buying a home, realize that beautiful tile floor that to you is stunning, is something that will probably add no value to your house and it will be a dump after you sell.
Only the most quality hardwood floors, not laminate, and not pre-finished add value and are so mass appealing that they won’t be torn up. I speak from experience I put in a gorgeous maple pre-finished hardwood floor in a townhouse I owned five years later I was the one telling the buyer to just tear it up and put in what they liked. Pre-finished floors wear like paper, and will not last five years and look good. If you are going to do flooring then spend the money only once put in nailed in place and finished in place hardwood (like your grandparents home).
If it is rental property, don’t even think about it, carpet and vinyl flooring are the only way to go. And consider it disposable after each tenant. Kitchen and baths are the next most common home improvements and again a huge area where people over improve. I have a friend that spent $18,000 on one bathroom and it wasn’t even the master bath. I would have bought another house before spending that kind of money. Remember those beautiful Mahoney cabinets that you spent $10K? Someone else might think they are too dark. Most cabinets that are existing are fine, just replace the doors and repaint.
If you are going put money into your kitchen put in the appliances and countertops. Spend that extra money for stainless (again, timeless) and granite counters, don’t cheap out and go coriran some people will want to tear it out so it has no value. Also don’t be afraid to get used appliances or even scratched and dented stuff as long as it’s a quality manufacturer. Remember, they are going to be used the second they come out of the box and when you go to sell your home they will have dings and scratches whether they start out new or not. Many times you can get a discount and the dent is on the side where it won’t even show anyway.
The best thing to do is paint and landscape, pay someone to do the paint (it is worth it) but do the landscaping yourself. Your pool and surround sound aren’t home improvements, they have no value. I see this all the time as people will tell you how much they spent on the house but then comes the appraisal and they wonder why it only worth a few thousand more than neighbors.
I hope this has been helpful. Feel free to contact me if you have any questions.
Glenn Wilbor is President and owner of California Equities, a nationwide Wholesale Mortgage Company that has had a presence in the downtown San Diego area for more than a decade.
Glenn and his company specialize in residential and commercial mortgage finance, real estate and development and have been instrumental in influencing the look of the San Diego skyline. For more information about California Equities, refinancing with Glenn or employment opportunities, please visit http://www.CaliforniaEquities.com or contact Glenn at glenn@californiaequities.com
