3. Neighborhood Norm Home Remodeling Projects
Neighborhood norm home improvement projects are projects that the neighborhood determines as a normal standard or “norm”. These include projects that Buyers will expect as a required feature for the home to have, and without, will reduce value or extend the time of sale in the market.
What would be a neighborhood norm project? Well, for example if your neighborhood is mostly 3 Bedroom, 1½ Bath homes and you have a 3 Bedroom, 1 bath home, finding a way to add that ½ bath will more than pay for itself. Or if all the homes in your neighborhood have at least 3 Bedrooms and you have only 2, that hurts you. Adding another bedroom will yield a high ROI.
Same for quality of finishes in the home. A high end kitchen remodel might be expected in one neighborhood and a waste of money in another. And don't think you have to spend a lot. A more modest kitchen remodel such as plastic laminate counters versus granite might yield better ROI where high end is not expected.
Back<< 2. Curb Appeal Home Improvement Projects
Next>> 4. Appraisal Booster Remodeling Projects
