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With the housing market in a record slump,
one of the biggest questions I get from people is how much is too much to spend
on a renovation and will I see that money back when I go to sell my
house?
While it is a common belief that any money you put into your house
will add value to it, this is not always the case. There are really two
different categories that you put home renovations into- General
Maintenance/Upkeep and Visual Improvements.
1) General Maintenance- Projects
like replacing your hot water heater, patching a leaky roof, repairing damaged
siding, or sealing up cracks in the foundation are not going to show you a
return on your investment but they are going to be required to keep up the
overall condition of your home.
Regular maintenance can help extend the life
of your home but at some point there are things that are going to be replaced.
By avoiding repairs or maintenance on items like this will just make the
condition worse and will result in even more money being needed for
repairs