Here’s the difference between the types of home renovation projects.
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If you’re thinking about upgrading your home or an investment property you own, I have some good advice to share today. There are two types of renovation projects: One is called a value-added project, and the other is called a personal-preference project.
The National Association of Realtors cites that value-added projects include things like upgrading your kitchen with smart appliances, upgrading your bathroom, adding new siding, replacing windows, and more. These are projects that add value to your property when it comes time to sell. Personal preference projects, on the other hand, include things like adding a pool, hot tub, or game room. When it comes time to sell the home, a buyer may not pay a premium for these like they would for value-added projects.
If you’re thinking about changing something in your home that’s standard for the rest of the neighborhood, there’s a good chance it could hurt the value of your home when it comes time to sell.
If you have any questions or would like a free, in-home evaluation of your property, don’t hesitate to reach out via phone or email. I would love to hear from you.