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Remodeling for
Resale Value
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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go out of date quickly, and are two of the most-often used rooms in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:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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