Remodeling

Strategies to Bank On

Remodeling your home can definately increase its value and saleability. But not all remodels are alike in the eyes of John Q. Homebuyer, so take these tips to heart before you plunge into a costly and time consuming project.

  • Don't over improve. Keep the value of your home within 15-20% of the other homes in your neighborhood. A million dollar home will not be worth that much if put in a neighborhood of $300,000 homes. Buyers shop in neighborhoods they can afford. Having the "best" house in the nighborhood makes it difficult to recover your costs.
  • Think Quality. Use good materials with long life spans and minimal maintenance. If you are planning on doing the work yourself, decide if you are really able to do it correctly.
  • Leave your personal taste out of it. Neutral colors and mainstream designs are the safest choice in a remodel. Although you may prefer a victorian style home, if all the other homes in your area are log, you should think twice about your choice.
  • Keep it compatible. Adding an addition can defiantely bring value, but make sure it looks like it belongs on the house. Match roofing and siding materials and keep the interior and exterior of the home looking like everything belongs to be where it is. Also, look at why you are adding on. Although you may think an indoor pool is the best attribute you could add, most buyers would prefer that square footage to be liveable space- like an additional bedroom or family room.

Take a look at the 2007 Cost vs Value Report for remodel costs versus resale value for a particular job.



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