Are you planning to make major home improvements. Are you worried about getting your investment back when you decide to sell? How do you know if you are spending wisely?
When remodeling, you must weigh the cost of the remodel versus the value of the finished product. When I say "value," I am not only talking about resale value, but I am talking about the value of the remodel to you personally. Some important questions to ask are how long you will be staying in your home and what benefits will the remodeling project bring to your daily life.
Regarding resale value, your remodeling project needs to be assessed based on your neighborhood. The best home improvements are cosmetic improvements. Minor updates to the kitchen and bathrooms, or a new roof are always valuable. Aesthetic additions such as new carpeting or paint are another type of remodeling project that returns almost 100 percent of their cost to the value of your home.
For larger projects, the average return within one year after the remodel varies. Major kitchen
remodeling gives an average return of 87 percent, a family room addition at 84 percent, a master suite averages 82 percent, and window replacement 68 percent. As you can see from these examples, your remodeling project will always add some degree of value to your home.
When remodeling, it is important to remember that you will be selling your home someday and you need to make wise remodeling decisions. You must weigh the up-front cost of the project versus the usefulness to you and added value to your home.
If you are thinking of selling or buying soon, and require the in's and out's of a renovation and the best return, call a REALTOR® who can give you the right information based on facts, not opinions.
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
