To Remodel or Not to Remodel?
Email To Friend | share this article | Posted by Anna on July 21st in General.
In an uncertain economy, that ominous question looms over the heads of homeowners: to remodel or not to remodel? The general consensus still seems to be a resounding “yes” to this question, but definitely with research and caution. Unless you don’t care about your return on investment, which improvements you decide to embark upon should be carefully considered.
Avoid anything “high-end.” The more conservative remodels are definitely safer right now. Don’t go spending $50,000 on a new kitchen if you can greatly improve it for $10,000-$15,000. Stay away from unnecessary improvements. Buyers will focus far more on a dirty-old bathroom than the spectacular water feature in the backyard. Major living and bedroom makeovers are only returning around 40% on investment right now, and a fresh coat of paint and some new linens and fixtures can be a quick, easy and inexpensive alternative.
Be careful with any additions. A well-designed addition that fits the lot and the neighborhood will be an asset in the future, but should only be considered if you will not be over-investing right now. It is definitely a “buyer’s market” and buyers have ample selection. Your home may be spectacular, but too expensive after you’ve invested in an addition. Before you build, crunch the numbers and compare how much you already have into your home with the current market prices.
The remodeling decisions you make also depend on how long you plan to live in your home. If you are willing to wait out this temporary housing situation, your home will increase in value with any improvement you make.
Request free estimates from prescreened contractors to help you make a more informed decision.
