Remodeling – The Investment You Can Live With – WHNT
Most people remodel their home to make it better fit their needs and desires. They upgrade the kitchen, build a deck, or add a bathroom to make day-to-day living more practical and enjoyable.
But remodeling can also play a role in financial planning. The home is typically one of our biggest investments. While much of its value is controlled by location and the general economy (things we can’t easily change), some portion of our home’s value is determined by its condition, size and the degree to which its layout and decor are up-to-date.
Home Maintenance
From a straight financial standpoint, it makes sense to maintain the home well. Taking care of small problems while they are still small can eliminate the need for most larger expensive repairs. Problems that are ignored tend to foster additional problems. For example, a simple thing like clogged gutters can lead to wet basement problems and even pest infestations.
Remodeling as an Investment
But what about big expenditures like remodeling a kitchen or creating a master bedroom suite? Clearly such improvements can have a very positive effect on lifestyle and comfort, but how do they fare as investments?
A number of national magazines publish detailed guides to the return on investment of various kinds of remodeling and home improvement projects. Typically, they say something like the average bathroom remodel costs $4356 and adds about $5150 to the resale value of the home. That’s an 18.2 percent return in a few weeks. Not a bad investment, if only you could count on it being true.
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Posted by admin
on Feb 25 2009. Filed under Home Improvements News.
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