To remodel or not to remodel, that is the question. I have had clients ask if doing a certain remodel to their home will bring value to it. My first response is – “how long do you plan to live in the home?” Determining if the project is worth the money spent is dependent on your future plans. If you plan to sell in the next year you want to be careful how much you spend. Doing a major remodel of a bathroom or kitchen, for example, would not be advised. It would be better to do simple updates to make the rooms more appealing.
That said, some projects like roof replacement would be a good investment. Buyers are leery of homes that have an older roof as they don’t want to be faced with having to replace it soon after purchasing the home. Other big money updates that make sense if you are selling in the next year or two include the mechanicals, older furnaces, central air conditioning units and water heaters. Home buyers are already spending a large sum of money and the prospect of having to take on these expenses can cause them either walk away from the home or try to negotiate a lower price. Roofs and mechanical replacements offer peace of mind for buyers. If you do have older mechanicals and replacement is not an option, consider offering a home warranty as part of the listing. At least this allows the buyer feel comfortable for the near future.
As always, if you aren’t sure what updates or remodeling projects would be a good investment for you, give me a call, send me a text or email me at [email protected]. I am more than happy to talk with you and help you determine the best plan for you and your home.
The 2022 Cost vs Value report just came out. It shows the average estimated recovery costs for specific remodeling projects. If you would like a copy, let me know and I will get it to you right away.