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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