Whether you are looking to upgrade your home or looking to sell, before doing remodeling work, you should understand the impact on the value of your home and the return on your investment (ROI). For instance, if you remodel your kitchen, you may not recover the cost when you sell your home. However, it might be the difference in you getting your home sold quickly versus potential buyers looking someplace else. The article below from HomeKeepr shares some great information on the ROI of common things people remodel in the home. Give me a call if you have questions or if you would like someone to help talk through your scenario and a potential remodel.
Tim Houterloot – Broker/Realtor
317-997-0165 – cell
Source: HomeKeepr | Repost Houterloot 10/15/2020 –
Remodeling can be serious business, especially if you’ve got several pet projects on your list and a limited budget with which to work. It can be tempting to go straight to the items that you find the most important, but if you’re considering reselling your home in the not too distant future, the return on your remodeling investment is really the thing to watch. Luckily, Remodeling Magazine has been tracking remodeling trends and returns for the US market since 2002 and has amassed a great deal of data on which projects you should focus your money on if you’re concerned about how well it will return.
A Note on Cost Return Versus Resellability
It’s important to note that there is a distinction between items that will be reflected in your home’s value and those which will help your home sell. These aren’t always the same thing. For example, you might find that adding a pool is a lot of fun and that people are drawn to homes with pools in your area, but a pool doesn’t necessarily increase the amount of money you’ll be offered for your home. On the flip side of that, new kitchen cabinets almost always both increase value and help make your home easier to resell.