Renovating for Equity vs. Renovating for Taste
First published: 2021-05-28 12:00:00 Author: Ben StoneThe value of your home is based on price per square foot. There are a range of square foot values in your neighborhood, and your home will be compared to these when an appraisal is done.
Where your house falls on the range is established by the state of your home and upgrades done. The main way to increase the value is to replace worn out items with new. Replacing maple wood cabinets with white cabinets or granite countertops with quartz countertops is unlikely to impact the value of your home.
However, if you replace old particle board cabinets and laminate countertops with quality materials, the value will increase since you have entered the next tier of quality. Once you have met the threshold of quality materials, any additional style upgrades will not increase value significantly.
When renovating for equity one should always try to select the least expensive material of the highest quality tier and set aside personal taste.
If you'd like to discuss potential material improvements to your home, give us a call or fill out our contact form