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Left Field Media |
| Custom newsletters produced for the mortgage and real estate professional. |
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All Remodels Great And Small: Recouping Costs When You Sell “But is it worth it to remodel?” That’s the question everyone asks when they’re considering whether or not to lay out the cash for a home remodeling project. With housing prices and housing values continuing to rise (albeit at a slower pace than in recent years), making upgrades to your house may seem like a quality investment at first glance. Unfortunately, that’s not always the case. According to Remodel Magazine’s annual “Cost vs. Value” comparison (see chart below), many remodeling projects won’t add extra value or even equal value to a home. For example, if you do a major kitchen remodel—traditionally considered to be an excellent investment—you may recoup only 90 percent of your cost when you sell your home. Other projects, such as remodeling a home office, have less of a return. Does this mean that remodeling is never a good option? Of course not. Even if a remodel doesn’t get you a 100 percent return on your investment, all projects will have aesthetic value to you as the homeowner. Also, keep in mind that these figures represent the national average and are based on mid-range remodels (price-wise), so your true percentage may vary depending upon several factors including your neighborhood, type of house you own, area of the country, and actual cost of the remodeling project. ∆
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