The remodeling dilemma… If you’re planning to sell your home, you may be thinking: Should I remodel before selling? What’s the best remodel to do? Will I make my money back? Find out the answers and more in this episode of Moving on with Ron!
We’re always asked: Should I remodel my home now? What’s the best remodel to do if I’m going to sell my home? And of course, if I remodel, am I going to make my money back? Those answers are not always cut and dry. A good rule of thumb is that if you’re in your forever home, if you plan on living in that home for more than five years, then go for it! Have some fun and remodel your home the way you want it. Then you’ll love it, you’ll get the most enjoyment from it, and you’ll use it. If you’re looking to sell your home in less than five years, then you’re going to want to be more strategic about this. You’re going to want to learn what buyers are saying yes to, what they’re saying no to, and what the market is doing locally. This way, you’re going to be able to spend that remodel money on projects that you should be able to love, but also that buyers will love too when you go to sell. To find that out, just give me a call and I or a member of my team will be happy to come out and meet with you and talk about your unique situation with you.
Now, for making money back or even more from a remodel, it’s not so easily determinable. Some remodels are just necessary- you need to do them just to make the home able to be sold. Other remodels, if they’re not made in line with what the market is accepting these days, can actually cost you even more money at resale. It’s important to know that the average home remodel only returns about 65% of the actual investment, assuming that the work was at retail prices by professionals. And remember, cleaning, painting, and home staging are the lowest-cost ways to return big money on home sales.
The remodeling 2019 Cost vs. Value report just came out. This reviews 22 projects, and they’ve surveyed contractors and real estate professionals nationwide to share typical-cost projects and their expected returns. You’ll be surprised to find out that the top two returns on investment are actually exterior (outside) projects. And they’ve also created a new category this year in roofing, that’s “seamless metal roofs,” which is something that we’re seeing a lot more of these days in the Merrimack Valley.
