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Remodeling For Resale Value
Home owners who remodel their homes or make improvements to
their property naturally hope to recoup any costs when it comes
time to refinance or put their home up for sale. However, when
it comes to financing and the real estate market, some
remodeling jobs are more valuable than others. If your main goal
in doing a remodel is to raise the sticker value of your home,
you might want to do some research on which remodels give you
more bang for your buck.
Kitchen and bathroom remodels are a surefire bet, since they are
valuable to home buyers today. These remodels usually pay back
about 95% of their own cost when it comes time to appraise the
home. Kitchens and bathrooms go out of date quickly, and are two
of the most-often used rooms in a home. If you're planning on a
remodel, this is the first place you should look.
Other remodeling jobs, although they might be pricey and they
may sound great, simply don't have much impact on the home's
market value. Building an outdoor pool, for example, is not a
good investment for today's home owners. Buyers simply aren't
looking for pools in their yards nowadays, and you're not nearly
as likely to get your money back if you go to the trouble of
installing one. It's ironic considering that a minor kitchen
remodeling will most likely cost you thousands less than a pool,
and yet it will be reflected in your market value at a much
better rate. Installing a fireplace, which generally costs
around $3,000 or less, depending on the home, can be a great
step. While not as lucrative as redoing your kitchen or
bathroom, or building a new room or a patio, a fireplace in the
family room will guarantee you a higher than average return on
your money.
Very surprisingly, refinishing your basement is a remodeling job
that pulls hardly any weight in today's market. Whether it's
because basement rec rooms are out of style, or because more
people have found the value in leaving the basement as storage
space, a basement remodel will probably only bring you about a
15% return on your investment. This is a surprising statistic,
considering the fact that remodeling the basement can add square
footage to your living area. If you're interested in adding
square footage, you would be much better off investing in an
additional bedroom or a front porch. The remodeling jobs will be
more expensive, but you'll be much more likely to recoup your
losses when it comes time for a sale.
So if you're looking to remodel for the purpose of selling your
home, or getting it appraised for mortgage purposes, do a little
research on current housing trends. You may very well find that
a remodeling job you thought was too expensive will end up
paying for itself in the long run.
About the author:
Kirsten Hawkins is a real estate expert from Nashville, TN.
Visit http://www.king-of-real-estate.com/ for more information
on real estate, mortgages, and finding the house of your dream.
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