According to Realtors, how do remodeling projects influence home prices at resale?
Remodeling contractors obviously appreciate clients who are forever planning and upgrading their homes to fit their lifestyles. Realtors are all about helping people buy and sell their homes. But, realtors agree with remodelers that homeowners should do whatever projects they want if their plans are to remain in their homes for five years or longer. Don't worry what the return on investment for your kitchen will be if you're not going to move for a decade. “You don’t know what the market will be,” says a realtor from Michigan. “If a brand-new kitchen makes you happy and you have the money to do it, you should. But if you’re going to sell your house soon, you just shouldn’t spend that much on remodeling.”
Furthermore, real estate agents look at the value of a home improvements from a neighborhood perspective. They compare your home to others to see what improvements have been made. Whether you realize it or not, you're really competing against the house down the street! And, competition, in this context, means projects such as turning the attic into a bedroom if all the other homes on your street have three bedrooms and your house has only two. Will that bring in more at resale? Maybe.
Size does matter!
Realtors caution against taking on large remodeling projects in the hopes that they will help sell your home. Simply put, a $250,000 home in a neighborhood of other similarly-valued homes doesn’t need a $100,000 kitchen. Projects that have a better chance of improving your home's value are: replacing the front door, replacing garage doors, installing a new deck, and installing new cabinet hardware. Also consider refinishing wood floors, painting or re-facing kitchen cabinets, or installing closet organizing systems.
Hopefully this info we found is of help to you! If you are in the southeast PA area, we hope you will give us a call (215-855-4400). Especially if you are considering cabinet refacing, a pantry or laundry room update, or installing a closet organizing system. Feel free to stop by our Montgomeryville showroom or visit our website. We look forward to helping make your house the home of your dreams!