Home Renovation – Real Estate’s Booster Shot
We’ve said it before, so we won’t drone on about it , but we have to start somewhere. Housing has been in an obviously crippled state as of late, and in the spirit of exploring methods to instill stability, let us examine a theory that may in fact aid market recovery: home renovations.
The housing slump has forced many of those who were planning on selling their homes to stay put as a result of prices taking a nosedive. However, this may be a blessing in disguise. Why? Because if homeowners decided to use this time to their advantage and put more money into their homes, there may in fact be a chance that markets may begin to raise in average price. Reason being, is that these homeowners, instead of sitting on the time that’s been given to them before they can sell their home, should invest some time and effort into renovating and remodeling their current homes before finding a new one to increase the market value of their home.
If done on a large scale, markets could raise in appraised value thanks to some due diligence. If all the house values in a particular area are rising due to come renovation projects, then they will collaboratively raise the appraised value of all their properties…Just something to chew on.
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image courtesy of eye of einstein
