Your Home, Your Way by Renovation Resources
This post is by an industry colleague, Jeff Echols, of Renovation Resources. If you have a question for Jeff about renovation and remodeling, be sure to ask. Welcome, Jeff!
I write a free, monthly, electronic newsletter for my company, Renovation Resources. Like blogging, the obvious key to success in this area is selecting the relevant topics every month. One thing that s been on most peoples mind over the past couple of months has been property taxes. Theres a topic. But it s worn out, overly negative, and too emotionally and politically charged. But still, it s an important topic and better yet, it may have big implications for the remodeling / renovation market. I started talking to everyone I know, from Realtors like Paula Henry to Real Estate Investors to Contractors to Mortgage Brokers to Homeowners. I was in search of the silver lining. Paula has written a post on the subject already.
Finally, the answer was obvious. The important article for my newsletter wasn't about property taxes; it was about Renovation strategies in light of the new property taxes. Seems obvious now. My advice to clients and potential Renovators in the current climate remains basically unchanged. For homeowners there are two viewpoints from which to consider planning a Renovation project: Quality of Life and Resale Value. Unless they are planning on selling their home in the next two years, I typically advise clients to lean more heavily towards the Quality of Life side of the equation. I think that the recent property tax issues bear this out now more than ever.
If you want to remodel your kitchen or add a master suite or extra bedroom just to improve your quality of life in your existing home, then by all means, do so. I wouldn t advise executing a design that will negatively impact your resale value or expanding to a project scope that will price you too far out of your neighborhood, but being comfortable and happy in your own home has a value all it s own. If you need to sell your home soon certain Renovation projects can give you the upper hand in a slow market.
One look at the lineup on HGTV will prove my point. Yours may be one of a growing number of homes in the neighborhood that have recently sprouted a Realtor s sign. There s no need to worry about property taxes now, you ve already been assessed. All you re worried about is getting the house sold. What will distinguish your home from the others? Will an updated kitchen do the trick? Or will yours be the only one with a legitimate master suite?
A well advised approach to key Renovations could help you sell faster and bring in more at closing than your neighbors. As we enter what is likely to be a new era in the ongoing debates on taxation, property value and, in turn, the real estate market, it may be best to take a step back, be patient and examine our Renovation goals. Who are we Renovating for? And why? Despite wildly varying opinions, the property tax issue will eventually be settled and life will return to normal. Approach your Renovation project under quality guidance and you should come out ahead.
Jeff Echols Renovation Resources, LLC
5222 E 9th Street Indianapolis, Indiana 46219
317.408.4322 Renovation Resources