Remodeling—Is It the Right Choice for You?

 Is remodeling the right way to go for homeowners? The truth is that it depends on whether you plan to stay there or not.

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The answer to whether remodeling your home is the right choice for you depends on your motive. For example, if you’re looking to improve your surroundings and you plan to stay at your home, then go ahead and pursue whatever projects you have planned and can afford.

However, if you’re planning to sell your home, it’s a different story. Dollar for dollar, you usually don’t get the same value you put into a renovated home when you sell it.

Here is a list of major remodeling projects coupled with the recovery rate associated with each:

• Installing a patio. The projected recovery rate for this project would only be about 47%, meaning you’d get less than half of what you put into the project back when you sold the home.

• Renovating your bathroom. The projected recovery rate would be around 70%.

• Upgrading your entryway door. This project has a surprisingly high recovery rate—91%.

• Renovating your kitchen. For this project, you should only expect to receive an estimated 59% return.

• Replacing your windows. This remodeling task has a projected recovery rate of 74%.

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Dollar for dollar, you usually don’t get the same value you put into a renovated home when you sell it.

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If you have any questions about real estate or remodeling, don’t hesitate to reach out to us. We’d be glad to help you out.