Posted 6.22.12 @ 8:55
If you’re buying or selling real estate, you are or probably have thought of fantastic customisations that you can make to your home. Who wouldn’t want a custom bathroom just for their height, or a really cool music studio? The thing about buying real estate is to understand that one day you may have to sell your home and move on to the next one. You don’t want to create a crazy floor plan that will alienate buyers.
Always Look Ahead
Canadians will live in ten houses in an average lifetime; you’ll always want to do home improvements looking towards the future. Instead of making your dream home more and more customised, think about the resale value things will bring when you put them on the market. Having highly customised work done to your Oakville real estate will make people think twice about buying it. An in ground swimming pool may be ideal for you, but think about all the maintenance and cost that the new buyer will incur when they buy the home.
Be Reasonable; One Man’s Castle is Another Man’s Nightmare
While you may have made the home fit your tastes, no buyer is going to pay a premium for all the extras you’ve thrown in. You may have to take a loss on all of the work you’ve put into your home, so think about that before you put down Brazilian hardwoods or imported granite countertops. While your friends may be envious of your beautiful home, you may not find many buyers who are going to be interested in the most expensive house in the neighbourhood. If you want a really fancy house go all out! Just don’t expect someone to pay the premium price to live in your castle.
Look at Other Homes in the Neighbourhood
Before going for upgrades and customising your home, look at other homes in the same neighbourhood. Do they all have expensive reflecting pools or an infinity pool in the back yard? Do you really need to put down those expensive counters or can you get by with new sinks? What do you really want to do with your home? Should it be so customised that you can’t sell it or should you make it more like the others around you with little touches that add flair? Look at other homes in the neighbourhood as a guide to what you can or shouldn’t do with your home.
Buyers come to a certain area looking for a specific price range and a specific set of standardised features. There’s nothing wrong with adding a little flair to your home, but you don’t want it so off the map that people aren’t sure if they could live there. Try not to get rid of common features (converting your garage into an apartment for example) that people are looking for, and try not to alter the original floor plan too much either.