House Remodel or Sell

 A house remodel can be very expensive. An average bathroom remodel can exceed ten grand in a hurry and $100,000 kitchens remodels are not uncommon. Remodeling on the this scale must be viewed as an investment and if you plan on recouping your the majority of your investment at house selling time, you have to plan wisely.

You should get an appraisal on your home as it is before you start and do some research on the selling prices of already updated homes in your area. If you can complete your updates without exceeding the market value of an updated home in your area, then the project may be viable. If not, then you shouldn't count on recouping a large percentage of your investment.

Kitchen improvements and remodeling the bathrooms are the best bet on recouping a large portion of the initial investment. Whereas, swimming pools and basement remodels do little to increase value. Younger people are interested in large bathrooms with whirlpools and large showers.

You just have to bite the bullet on needed structural repairs as these types of repairs do little to increase value over the house next door which doesn't need these repairs. Normal maintenance does little to increase the value, although.it may allow you to ask a premium within your area's price range.

Always keep the architectural style of your home in mind and preserve your home's character. Nothing sticks out more than a new addition that is in a completely different architectural style. In other words, changing that ranch style home into a colonial is probably not a good idea. Don’t go overboard. Concentrate on improving two or three deficiencies in your home. More than likely, the time and money you spend adding quality to your home will be rewarded with greater profit at selling time.

Maybe selling and moving to a home in a better neighborhood that has the features that you desire would a better solution. It all depends, again, you have to do the research to find out if moving or building is a viable option. Compare the cost of a new mortgage versus an equity loan or a cash out refinance. Also, don't forget moving expenses and the cost of staying in a motel during a major remodel. Remodeling is a booming business and more and more home owners are choosing to remodel over selling. Just take the variables into consideration before ripping it out.

The intrinsic value of your home must be considered in any remodeling or selling plans. If you really love your neighbors and neighborhood and and your house would be your dream home with a few modifications...why move. The grass is not always greener and resale value isn't everything. You may not recover all of your remodeling investment, but good neighbors are hard to find. Remember quality of life counts too.