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Three Things to consider if you are remodeling your home

By
Real Estate Agent with RE/MAX Centre Realtors

Many home owners are thinking of remodeling their homes rather than moving to a newer home.

If you are thinking of remodeling and expect to recoup the costs when you sell, you will be surprised to read that you may not always recoup the entire cost.

According to Remodeling Magazine's 2009-10 cost vs Value report,  exterior replacement projects like doors and windows recoup the most dollars at resale . Replacing the siding, adding a deck and converting an attic to extra bedroom are projects that will  also give you a good return on your investment.

1. When you remodel remember to hire qualified contractors who do quality work. If the job is not done well, you will not recover even a  small portion of the money you spend.

2. Do not over improve your home. The improvements should be based on neighborhood homes and prices. If you spend $100,000 in improvements in a neighborhood where homes sell for $200,000 , you will not be able to sell your home for $300,000 .

3. If you are planning on living in the home for many years then you should improve for your enjoyment if you can afford it, though you may not be able to recoup the remodeling costs.

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Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

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Comments (11)

Constantine Isslamow
RE/MAX Eastern Realty Inc. Brokerage - Peterborough, ON
"Training and Accountability"

Tip #2 are words to live by.

Wishing you continued success.

May 17, 2010 11:43 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Constantine, Thank you.Wish you success.

May 17, 2010 11:45 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Great advice. There is an important balance between 2 & 3. If one is going to experience great enjoyment from the improvements and get many years out of it then over improving is of less concern. If one is only concerned about not over improving then it is easy to figure out.

Cal

May 17, 2010 02:33 PM
Vic Steele
Vic Steele, Broker CA DRE 01349863 - Anaheim Hills, CA
Broker/Consultant

Traditional Realtors tell their clients it's Location, Location, Location!

I tell my clients it's Location, Kitchen, Master Bathroom!

The kitchen and master bathroom will sell your home faster than any other remodel.  Spend your money there first!

May 17, 2010 05:37 PM
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

Gita,

I agree with Vic.  I would go in that order.  However, deck, patio, and/or three season porch are very desirable, as well.  We recently had a buyer had two very comparable listings and chose the one that had a deck and the other one didn't. 

May 18, 2010 02:36 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great tips Gita..I think alot of folks over improve their homes...but, if you are living there, it is important too to make it something YOU like and not always think about resale/others opinions too...right?

May 18, 2010 03:11 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Vic, Great comment. I agree.

Marzena, Buyers want a deck or patio and I agree it helps sell the home.

Kristin, I always tell clients that they should take into consideration when making improvements.

May 18, 2010 05:30 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Helpful hints Gita...If you're going to improve and plan on living in the home for many years, then go ahead and remodel for your own comfort and style!

May 18, 2010 08:03 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Larry and Sheila, Thank you.

May 18, 2010 11:37 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

When ever a client calls me about a remodel, I always ask "Is this for you or for re-sale? If it is for you, without question, do it. But if it is for re-sale, then be very careful, because more than likely you won't get your money back!"

May 19, 2010 05:41 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Todd, That is great advice.

May 19, 2010 11:28 PM