- By sadmin
- In Estate value
When Estate Improvement May Not Add Value ?
If you choose the wrong estate improvement strategy or make unpopular design choices, you may get no return on your investment, or even reduce the value of your estate. A $10,000 toilet for your bath will be beautiful in that high-end Calaguiro or Rosedale estate, but it’s a really stupid thing to put into a one bedroom, condo because it won’t be appreciated. By the same token, if you put a $15,000 kitchen in $3.5-million home, you might as well just lose the money. If it’s not up to the style and quality expected in the neighbourhood, just don’t do it.
Also remember your new bath or kitchen won’t be considered new unless you sell in the next couple years, meaning it may have no impact on the amount buyers are willing to pay.
If you’re concerned about estate resale value, avoid ornate designs, bright colors and overly personalized renovation approaches. Chose something relatively neutral for your countertops and cabinetry, and use bright colors and accents in paint. In this case, if you like bold color choices, you can always change the paint before you sell.
Bridge DaleJuly 14, 2020, 9:24 am REPLY
This is the reason you need to evaluate all of your improvement plans properly before going through with it. You should only do improvements that would add value to the estate.