Q: My wife and I own a 4-bedroom home in Coral Springs, Georgia. We bought our home years ago when prices were much cheaper, and the house has more then doubled in value.
However, it does need a “facelift” to update it to the neighborhood standard. Is there a rule of thumb as to how much money we should put in?
A: The question you need to ask yourself is this: how much more will the house appreciate in value if you give it a “facelift?”
If you put in $50,000, will your home be worth at least $50,000 more than it is right now? Will it be worth $100,000 more? Or, if it won’t be worth any more, will it be a lot easier to sell when the time comes? (That’s worth quite a lot, as any frustrated seller can tell you.)
The other thing to consider is how much you and your spouse will enjoy living there once the facelift has been completed.
Start the process by talking to your real estate agent or, if the agent who sold you the home is no longer in business, a local agent who is particularly active in your neighborhood.
Spend some time talking to the agent about the value of homes that are similar to yours that have recently sold and what condition they are in. Visit a few open houses in your neighborhood over the weekend so you can see what kinds of amenities are being offered and what kind of condition these homes are in.
Then, find a contractor or remodeler and begin the process of updating your home.