Remodeling
When deciding between building and remodeling, many people choose remodeling because they love their existing house in terms of neighborhood, yard/property and proximity to schools, work, shopping, family and friends.
The next consideration is one of financial value, known as the Return on Investment. Questions to consider include:
- What is the worth of your home?
- What value would remodeling add to your home?
- Will you be able to recoup the cost if you decide to sell later on?
- Will improvements increase the value so much that it will price your home out of the market in your neighborhood?
The answers to the above questions are very important to consider. Typically, it is estimated that with most remodeling projects you can expect a 50-80% return on investment.
The benefits of remodeling are sometimes crucial when selling a house. Real estate agents will tell you a home with a dated kitchen or bathroom tends to stay on the market much longer. The roof and mechanical systems are also important when selling. Even a first-time homebuyer realizes that repairing or replacing these things can be very costly. Many people don’t want to spend the time or money to embark on a major remodeling project in a home.
