What’s The Payback for Remodeling Your Home?

Kitchen-Remodeling-9In some cases, the value of the remodeling project at resale is more than 100% of its original cost. This usually happens in markets where Bathroom3eproperty values are rising very rapidly, but it can also occur when buyers regard certain types of remodeling projects as “standard.”  For example, in a neighborhood where most houses have two bathrooms, adding a bath to a home that has just one may increase the resale value of the home beyond the cost of construction. In fact, not adding the bath could cause the home to sit on the market for much longer than is normal and to eventually sell for less than similar homes in the area.

When resale value is a major factor in a homeowner’s decision to remodel, the best course of action is to consult with a local remodeler about construction cost, and ask an experienced Realtor about home prices in the neighborhood.  Give us a call at Noon & Associates and our experienced agents can help guide you through your remodeling project in relation to resale.

Written by Pat & R.E. Russell with Noon & Associates Real Estate, LLC

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