Recovering on Project
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While there are many reasons homeowners choose to remodel, the bottom line is that remodeling makes your house more enjoyable to live in. The intangible value of this added pleasure must be considered, along with any resale value you hope to gain. But there is no doubt that as far as improving the sale price of your home, all remodeling projects are not created equal.
A good rule of thumb is that any remodeling project which brings
your home up to the level of the others in your neighborhood is a worthy
investment. For example, if
your home has just one bathroom, adding a second bath will probably more
than pay for itself when you sell the home, since the average home has
two and a half baths. The
same is true for a minor kitchen remodel, where you add a few amenities
and resurface worn and obsolete tiling, counter tops and cabinets.
Not only will projects such as these raise your home’s value,
but they may mean the difference between selling and not selling your
home.
Potential buyers will be comparing your home to ones newly built.
When planning a remodeling project, you’ll want to look at the
design trends and amenities being built into new homes.
Master bedroom suites, media rooms and improved use of natural
light are three trends often found in newly built homes.
Be sure to consider, too, the quality of the craftsmanship.
During the housing boom of the last few years, home prices were
rising so quickly that even remodeling projects of mediocre quality
could raise a home’s value. That’s
not the case now, as the economy has leveled out.
Buyers are better informed than ever before, and they are
demanding a higher level of quality and professionalism. By making careful choices of projects and contractors, you will ensure that the investment of your hard-earned dollars in a remodeling project is worthwhile. Remodeling magazine’s “2002 Cost vs. Value” Report " revealed that home owners increased the value of their homes from 67 to 94 percent nationwide for remodeling projects that vary from new windows to a second story addition. With research and planning, you'll be able to join this fortunate group.
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