Real Estate Blog - Appraise & Apprise - William R Hall, Alpha Valuations

May 24th, 2018 2:06 PM

Those who know me know that Thanksgiving is, by far, my favorite holiday.  That said, the summer holidays hold a special place in my heart.  Any excuse to throw on some sandals, fire up the grill (and/or smoker), and crack open a cold one and I’m a happy guy. And the patio is where the magic happens.  My patio is my sanctuary.  My Zen space.  My happy place (well, that and Elkhart Lake, WI – but more on that in another post). 

We used to have a rather large concrete patio.  Over the years, the slab had begun to deteriorate and sink, making my happy place look not so happy.  Three years ago, we had the old pad busted up and installed a 850+ SF paver patio with a built-in firepit.  And I was happy again.  But it wasn’t cheap.  And the appraiser in my head was screaming at me “What in the world are you thinking?!?  You’re never going to get that money back!”.  But the wannabe Grillmaster and Lite beer connoisseur in me screamed back “Now that’s a patio!” Guess which voice I’m more in step with now.

People often ask me what improvements they can make to their homes that will have the highest return – most bang for your buck, if you will.  The answer is almost always the same…kitchens and baths, kitchens and baths.  Boring, I know.  But it’s true.  And it’s also not that simple.  Every homeowner has different ideas and different plans for their current abode.  And so much must be taken into consideration.  How long are we going to live here?  What do we NEED to have done versus what do we WANT to have done?  How do we pay for it (that’s the big one, right?).  What level of finish do we go with?  The truth is you just need to temper your expectations with a healthy dose of reality.  Dropping $100k on a complete kitchen remodel does not automatically increase the value of your home by $100k.  If anything, you might be doing yourself a disservice.  Are your neighbors doing $100k remodels of their kitchens? No? Then maybe you shouldn’t either.  At least from a return of investment point of view.  But if that doesn’t bother you and you want that dream kitchen no matter what, then go right ahead.  As long as you keep your expectations realistic, you will be happy with the outcome.  That’s how I came to love the new patio.  I don’t care that we won’t get near the return of what we spent.  And that’s ok.  Because it’s my sanctuary.  My Zen.  My happy place (don’t be jealous, Elkhart Lake).   And I’ll be spending much of my time on my patio this Memorial Day Weekend – grilling, smiling, imbibing.   I wish you and yours a happy and safe Memorial Day Weekend. 

Thank you and make it a great day.


                                       My Happy Place


Posted by William Hall on May 24th, 2018 2:06 PMLeave a Comment

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