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Myth vs. Reality: All Home Improvements Increase Value

Thursday, April 4, 2024   /   by Annie Junker

Myth vs. Reality: All Home Improvements Increase Value

Myth vs. Reality: All Home Improvements Increase Value
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Myth vs. Reality: All Improvements and Repairs Increase the Value of Your Home

 

Here's the reality:

  1. Return on Investment (ROI) Varies: Not all improvements and repairs yield a significant return on investment. While some renovations like kitchen upgrades or adding a bathroom can increase value, others may not add as much value as expected. The ROI depends on various factors including the local real estate market, the quality of the renovation, and current trends.

  2. Over-Improvement Risk: Over-improving a property, such as adding high-end features to a modest neighborhood, can lead to diminishing returns or even financial losses. Buyers may not be willing to pay extra for features that exceed the standards of the area.

  3. Maintenance vs. Improvement: Routine maintenance like fixing a leaky roof or repairing a broken HVAC system is essential for preserving a home's value, but these tasks may not necessarily increase its resale value. While necessary for upkeep, they are not considered improvements that add significant value in the eyes of buyers.

  4. Personal Preferences: Home improvements are often subjective, and what one homeowner values may not align with the preferences of potential buyers. A renovation that reflects the homeowner's unique tastes, such as bold paint colors or unconventional design choices, might not appeal to a broad audience and could even detract from the home's value.

  5. Market Conditions: Economic factors and market trends play a significant role in determining the value of home improvements. In a buyer's market where inventory is high and demand is low, buyers may not be willing to pay a premium for renovated properties. Conversely, in a seller's market with high demand and low inventory, buyers may be more willing to pay top dollar for turnkey homes.

  6. Location Matters: The location of a property often has a more significant impact on its value than the improvements made to it. Factors such as proximity to amenities, quality of schools, and neighborhood desirability heavily influence a home's value, sometimes outweighing the effects of renovations.

  7. Appraisal and Appropriate Pricing: Even if improvements have been made, the appraised value of a home may not necessarily reflect the full cost of those improvements. Appraisers consider various factors beyond just renovations when determining a home's value. Additionally, pricing the home appropriately based on comparable sales in the area is crucial for attracting buyers and realizing the value of improvements.

Please let me know how I can help answer any questions you may have!

804-350-0879 | chris@smallre.net | chrissmallgroup.com

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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

UNDER CONTRACT! MULTIPLE OFFERS RECEIVED ON THE FIRST DAY OF REVIEW! CONGRATS TO MY SELLERS!
3306 Monument Avenue
Museum District
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SOLD!  
612 West Franklin Street #UB11
The Prestwould
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SOLD!  
13213 Edmonton Drive
Tarrington
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SOLD!  
6 South Arthur Ashe Boulevard

Museum District
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SOLD!  
2909 Ellwood Avenue

Museum District
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Additional resources
 
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the links below:
 
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
chris.findahomerichmond.com
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Small & Associates Real Estate, Inc.
3103 Ellwood Ave.
Richmond, VA 23221
804-353-1250

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