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Home Remodeling...To Do Or Not Do...That is the Question

By
Real Estate Agent with Susan Johnson Team

Remodeling - to do or not to do - that is the question.  Many homeowners today are in transition – either they need more space or want to update their home with the latest trends.  When it comes to remodeling, homeowners either do so to modify in order to stay in their current home or to increase their home’s market value for the purposes of selling. So, if you are planning to remodel in order to sell or are considering selling in the next few years, there are some general factors to consider. 

 

First and foremost, you need to take into consideration the demographics of your home.  What I mean by that is that you do not want to consider putting in a $100,000 renovation for a kitchen in a home where the comparables still have laminate flooring and countertops.  However, if you have a million dollar property, buyers will likely not consider purchasing without a high-end kitchen, which could be $100,000 or more. 

 

When remodeling for resale purposes, make sure not to personalize the finishes too much.  You do not want to impose your “likes” onto a potential buyer.  Most buyers today want to see that a home is move-in ready.  If they have to paint or do other home improvements based on your personal taste, then it starts to impact the price at which a buyer is willing to purchase your home. 

 

Do not expect to get a 100% return on the amount of money it cost to do the renovation.  The rooms where you get the biggest impact for buyers are the kitchen and master bathroom.  However, according to Realtor Magazine, the average return on investment (ROI) for each of these is 63% and 61%, respectively. But before you decide not to do a remodel because of the lack of ROI, you will need to factor in how much more a buyer would be willing to pay for your home if it is in move-in condition.  To determine this, I would suggest you contact a real estate agent who can help you weigh your options.  Another suggestion would be to go to your local home improvement store and talk with one of the consultants. 

 

One of the easiest things to do to freshen up your home is to change out the hardware throughout – this includes knobs and handles in kitchen and bathrooms as well as door knobs and hinges.  This is relatively inexpensive compared to full remodels – the downside is that completing the work can be time consuming.  You can certainly do all of this yourself or pay a handyman to do the work. 

 

Regardless for your reasons to remodel, make sure you set realistic expectations as to the amount of time it will require to complete the work.  It makes the experience much less stressful and can actually be fun!

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