If you are a homeowner it’s likely that the conversation of remodeling or upgrading some part of your house comes up every year at some point. Maybe you are thinking it’s time to sell or to stay in that home instead of buying another. As a buyer, you will weigh paying a higher price for a remodeled/updated home or looking at homes that need work and convincing you can do that work yourself cheaper and better. Maybe?
The NAR (National Association of Realtors) report titled Impact of Remodeling could help existing homeowners as well as buyers decide which way to go. Before I just tell you how to get the report, here’s my take in a nutshell.
Home Owners: If you are looking to sell, your money will be best spent in the kitchen, bathroom and flooring respectively. If undecided, look at a project that will improve your livability, not someone else’s. You can decide after finishing if it’s enough to keep you there. Maybe it’s location you were really looking to upgrade.
Buyers: I will tell you from firsthand experience, remodeling is expensive. If the price of a recent remodel is still in the ball park of comparable homes with no upgrades, it’s worth going for that one. However, be prepared to offer higher than asking and friendly terms to the seller. At least look for large ticket items that are already done.
Click here to get report and see what you think.
As always, I can assist you with your real estate and business sale needs. Just email at firstname.lastname@example.org or call/text 720-253-8513.
Related: Doing Your Own Remodel