CHARLOTTE – This is one of the most common questions I hear—from both buyers and sellers. Often my reply is “How much do you want to invest?” There are a couple of things to consider: how long you intend to stay in the home and return on investment.
You may be a first-time homebuyer or caught in this crazy market and just need a house—any house! If you do not plan to live there more than a couple of years, or may rent it out at a later time, do not pour all your money into expensive upgrades. That is money you could invest in another home.
Is this an investment property? You do not want renters destroying your beautiful newly installed mosaic floor. Maintain and update as necessary, making sure your home remains marketable in the future but do not spend a fortune. You may not recuperate what you invested short-term.
If this is a long-term residence, do what you want to do to make it your own. You want it to suit your needs and reflect your style. Several years down the road, your property will likely grow in value. However, keep in mind life has many unknowns. If you unexpectedly need to sell your home, you want to plan ahead to make sure that any of your improvements will not negatively impact future marketability.
If you have any comments or questions about this or any other topic, feel free to reach out!
Erin Ferguson (704) 281-5080/Nancy Sherwin (704) 582-3814/dynamicduoREmoms@gmail.com