Is It Worth It To Remodel Your Home?
One of the reports I really look forward to each year is the National Association of Realtors’ (NAR) "Cost vs. Value Report" (will open in a new window). The report is created with the partnership of Remodeling Magazine.
The main article is in the middle of the page & the different reports per remodel are in the blue links to the right side of the page. This can help you make your own determination on whether a remodel project is worth it to you and gives you an idea of what you should be able to expect as a return on that investment.
If you’re thinking of doing a remodeling project for the sake of selling your home I would suggest speaking to an agent or two before doing anything. I’ve noticed that sometimes sellers want to do too much or they want to fix and replace items that won’t bring them much of a return.
Somtimes you have to think of more than just a certain return on what you’ve spent. Maybe a project won’t bring you a certain amount of money (or nothing that can be measured), but certain fix-ups or updates can make the difference of a quick & better offer than if you didn’t do anything.
If you’re considering putting your home on the market in the near future, keep in mind that in order to get a fast sale with the possibility of multiple offers, your property needs to be the best in the price range. That means the cleanest home with the most updates that appeal to the majority of buyers (including a netural decor).
