Realtor(R) Magazine puts out an annual cost vs value Report for home additions and remodelling. On the cover this year the teaser was "Remodeling Pays!"
As you read down the list of projects, such as add a bath, deluxe kitchen remodel, family room addition, finished basement, they all pay a fraction of 100%. This is great if you already own a home, and upgrade for better living while you continue to own it.
The lesson is completely different for home buyers though. in NJ, a major kitchen remodel returns 66.5% market value to the seller. So the buyer makes a 50% PROFIT, buying the kitchen that was just done, vs. buying and remodeling. And when you buy the just done improvements, the cost is built in to the purchase price and financed the kindest way-as purchase mortgage money.
So go out on the skinny branches and get the best house you can reasonably afford. It is better business than under buying and upgrading later.
For a wealth of information on Westfield NJ real estate and more, visit www.luxuryhomesnj.com