Published on September 13th, 2013 | by Genevieve Williams0
Remodel or Resell?
It may seem like a good idea to remodel that master bath or renovate the kitchen, but will the sales price reflect your investment? Remodeling Magazine publishes a study each year comparing the cost of remodeling vs the resale value. Contrary to popular assumption, no remodeling project completely recovers the job cost in the sales price. Take a look at the below table that summarizes the Charlotte market in terms of cost recouped from remodeling.
The highest returns you can expect are from an Attic Bedroom Remodel, Basement Remodel, or Wood Deck Addition. The lowest returns are in Home Office Remodel, Sunroom Addition, and Roofing Replacement.
Numbers speak for themselves, but do not let it scare you away from making improvements to your home. The flip side to the situation is that the market comes to expect some features in a home. Especially selling in Chantilly, Elizabeth, and Midwood, buyers presume a certain extent of upgrades. A Bungalow with Granite Countertops and Stainless Steel will likely show better and sell faster than one with Corian Countertops and a 10 year old white stove.
So, when deciding to Remodel or Resell, take a look at the numbers, but also consider your competition. What are nearby homes featuring? Your best option is to contact a Real Estate Professional. Genevieve Williams, the Chantilly and Elizabeth Neighborhood Specialist, will be able to see your home and know what changes, if any, need to be made to get you the best price in the shortest amount of time.