Atlanta real estate expert and Harris Superstar, Collette McDonald, is back for Episode 5 of Renovation Reality. It’s been five weeks since renovation began on this Brookhaven, Georgia, home and like us, you may be getting anxious to see some big results! However, this week, the progress is there, but its a little harder to see and you know the saying, “A watched pot never boils!” so today Collette is going to explain the importance of considering your ROI, or return on investment.
In fact, before you start tearing down walls or even picking out materials, you must consult a real estate expert to evaluate your home. Experts like Collette will be able to tell you how much your home is worth now and how much the renovation you’ve envisioned will add to your homes value – or even take away! Is that even possible? Yes, it is, so you’ll want to listen closely!
Some renovations will give you nearly 100% return while others will shrink your ROI down to as little as 50%. Once you know those numbers you can really decide which projects you won’t mind reaching into your pocketbook for or if its time to find a brand new home altogether?
Packing up and forgetting the whole renovation process may seem simple, but remember the costs involved in moving – trucks, storage, supplies, fixing up to sell – and when you factor those in, your dream renovation may actually be within reach!
When considering a renovation, its important to not get too specific on your choices. You could inadvertently eliminate future buyers from your home. On the other hand, being aware of growing trends in what buyers are looking for can help you plan which items are in high demand.
While we wait for more visible progress on this home, Collette will show us the floor plans of other successful, completed renovations that will take your breath away and help give you that extra energy boost to keep plugging away at your own projects!