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Should You Remodel Your Home?
By Geoff Cummings
Facts to consider before remodeling your home. Consider costs, planning, return on investment & other important issues before commencing a project on your house. Remodeling: Facts To Consider Is it possible to over-invest in your home? It’s a question every homeowner should consider before they start a big remodeling or home improvement project, whether they’re selling soon or not. The tough part is that not everyone’s situation is the same, there’s no universal formula to determine how much is too much. Here`s a list of questions homeowners should ask themselves before getting into the grit and grim of remodeling: • Is the remodeling project to get your home ready to sell or improve your family’s living space? If it’s to improve the living space for your family, and you’re planning to stay in the house for several more years, it’s probably worth spending a little to achieve what you want. • Are you planning to sell soon? You stand less a chance of recouping your investment
if you’re planning to move within the next few months or year. • What is the typical resale price of homes in your neighborhood? Return depends on what’s typical for your neighborhood. With a little research, you can see what the average sale price is for homes in your area and determine what your “ceiling” is for investment. Go above your ceiling and you are less likely to recoup your investment. • If your home only has one bathroom, but all your neighbors have two, adding a second bath may be a good idea. What do other homes in your neighborhood have? • How much can you afford to spend? This again speaks to the personal nature of the decision, and is impacted by whether you’re planning to sell or stay in the house. If you’re planning to stay for a while, you may consider breaking the project into phases so you can spread the cost out over a few years. |
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This intel was contributed by odls
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May, 2012
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