5. October 2009 03:04
The age old question that will forever consume the real estate mind is; what upgrades should we put into our home to increase the value and add to the return on investment? Real estate upgrades should be looked at in 2 ways - are you doing the upgrades for your enjoyment or are you adding the upgrades to increase the value of your home to sell? If it’s for your enjoyment then you should do the upgrades that are important to you and your family. If however you are looking to add upgrades for the purpose of investment or return on investment, you must consider a few factors. The most important factors to consider with regards to upgrades are location and square footage.
Did you know that it is possible to over upgrade your home based on a poor location or a square footage that is too small? A larger home in poor shape will always be a better return on investment than a smaller home with lots of upgrades. In fact one of the key decisions on a solid investment should always be based on square footage. Location as well will also be a huge factor in deciding how extensively to upgrade your home.
So remember, the next time you decide to renovate your home for the maximum return on investment, consider these 2 most important factors - Is my home in a desirable location where I will be able to maximize my return for the money I put into upgrades, and is my square footage big enough that I will be able to maximize my return on investment? Whether for personal enjoyment or investment never look past location or square footage, because your home is the single largest investment you will own.
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