(954) 384.8546


Monday, May 15, 2017

Here’s the scenario…..

You are thinking about moving or making improvements to your current home.  Should you remodel the kitchen, baths, flooring, add a pool, change the patio decking, make an addition to add more square footage, replace the aging roof, finally change the a/c units, add or change window treatments, remove the popcorn ceiling, add a fence, upgrade appliances, paint the interior, paint the exterior, add a circular driveway, change out your landscaping, add impact glass . . .? (And yes I’m laughing as I write this because no matter how much you’ve done, there’s always more you can do.)

I have zero scientific or mathematical data to support my philosophy on over-improving your home, but I do have over two decades of selling properties in South Florida.  My general consensus is that you can spend roughly ten to fifteen percent of your home’s current value on upgrades and renovations.  For example, sellers with a home valued at $1,000,000 today can spend around $100k to $150k and still remain at market value if they plan on moving in the next few years.   My experience and market statistics show that sellers who make major renovations get substantially more money for their home at closing, get closer to their asking price, and spend fewer days on the market.  This information stays valid in good and bad markets. 

Here’s the caveat with the above information:  Is your home really worth what you think it’s worth?  Market conditions are changing weekly in South Florida.  Inventory has gone up ten percent, down ten percent, and has flattened off in the last sixty days.  The number of closed sales for January was off by 50% in Weston.  The internet, with sites like Zillow, has everyone believing that you type in your address and you get an instant, accurate figure on the value of your property. 

Now if you are looking to spend only three to five percent of the perceived value on your home for renovations, knock yourself out and enjoy the naked outdoor shower.  However, if you are planning to spend ten percent or more of the perceived value, I suggest you take the opportunity to consult a real estate expert in your area. You will want to discuss current home values, what improvements are needed immediately versus renovations that would be nice to have, and how all of this adds value to the property. 

I’m honored that most of my clients do consult me when they come to a crossroad about home improvements. I welcome any of our readers to contact me, as well. Thanks as always for allowing me to share my thoughts and provide a positive impact to the local real estate market.


Email Address
< Back
Weston Florida Real Estate Services
Weston Florida Map
Weston Florida Schools
Solomon Homes Reviews
Weston Home Value Estimator
Weston Mortgage Calculator
Visit Our Mobile Site
Search in English Search in Spanish Search in French Search in Italian Search in Portuguese Search in German Search in Russian Search in Chinese
Updated: Tuesday, March 5, 2024

Copyright ©2024Realty Times®. All Rights Reserved

Motivational Monday
Admiral McRaven Leaves the Audience SPEECHLESS | One of the Best Motivational Speeches   Worth...

Let's talk about aging homes and how we compete with homes that have been modernized,...

The Home Selling Process
Learn how we can help to sell your home in less than 30 seconds. ...

What really is portability and can it save you money? Are you thinking about selling...

The Station
The Station Tucked away in our subconscious is an idyllic vision. We see ourselves on...

Controversial development gets unanimously denied in Weston Hills Country Club, Weston, Florida
Controversial development gets unanimously denied in Weston Hills Country Club, Weston,...

Here’s the scenario….. You are thinking about moving or making improvements...

Got Homestead Exemption?
Got Homestead Exemption? Why not????  I was recently shocked to hear that one of...

The Station
-Robert J. Hastings Tucked away in our subconscious is an idyllic vision.  We see...

Weston Florida Information
Client Login
Recieve Email Alerts