👉 Sometimes my customers have a misconception that cost is equivalent to value.
👉 They may say “I have spent $50,000 on new carpet, so that has increased the market value of my home by $50,000.” 🤑
❌ Unfortunately, this is not necessarily the case, because market value is not determined by cost, but what a willing buyer will pay. 💲💲
👉 In a worst-case scenario, a particular buyer may prefer wooden floors over carpet which would mean the carpet is perceived as a cost to remove. The vendor has then spent $50,000 unnecessarily. 😬
👏 Moral of the story - be careful when improving your property 🏠 as you don’t want to over capitalise or spend money when you don’t need to. 🙅♀️😉
Check out the link in my bio for more info about me, slide into my DMs or give me a bell to chat all things property! 📞
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