Cost vs. Value: Are You Thinking of Remodeling Your Home?

Whether you are updating a room, finishing a lower level or adding on to your home, remodeling is exciting. However you might want to know if the work you are doing will be a good investment of your money. Some projects will bring a higher return than others i.e. Kitchens and bathrooms. If you would like a copy of the newest Cost vs. Value report let me know. It’s good information.

There are a couple of things to consider when you are planning your remodel.

  1. Do you plan to live there for a long period of time or will you be selling in the next year or so?
    The types of updates you should do to get your home ready to sell are different than creating a home you are going to live in. It’s always hard for me when I meet with clients who have invested money in updates that won’t impact their home’s value. I don’t like disappointing people when they think their updates are going to make their home worth more than it is. If you a going to be selling, let me walk through your home with you and help you determine what updates would make the most sense. This can save you time and money.
  2. What are the current home values in your neighborhood?
    It’s important to know where you fit in your neighborhood. I recently showed a gorgeous home to clients. Everything had been remodeled and updated, it was amazing. The problem was that it no longer fit the neighborhood. Now this is fine if you plan to live there indefinitely. These homeowners however had recently made the changes and they will not get what the home could have been worth in a different neighborhood. For my clients it was the reason they chose not to write an offer. As much as they loved the home they weren’t willing to pay the list price as the neighboring homes did not come close to the same look and value. And it would limit their power to gain equity. You don’t ever want to be the most expensive house on the block. To prevent this, getting a market evaluation of your home before starting is always a good idea. I would be more than happy to help you with that, just ask.

Your home is one of your greatest investments. Getting all the facts before starting any projects will help you increase it’s value. Don’t hesitate to reach out to me with any questions, I am always happy to help.