Does A Remodel Or Add-on Make Sense?

 

Remodeling or add-ons might make sense for your family needs, but does not always make sense as an investment to increase your homes value. The cost of remodeling often is greater than the increase in home value it brings. Same is true for add-ons. If you plan to own your home for a long time, then the investment in a remodel or add-on might make sense for your comfort, life style, or peace of mind. But if you plan to sell in a few years, then you need to think of a remodel or add-on as an investment in your homes value. The best way to spend your money on a remodel or add-on when you want the homes value to increase more than what you put into the project is to remodel the kitchen or, in a home with one bath, add a bathroom. On homes with unfinished space, such as a roughed in lower level of a split level, finishing the area so it adds to the total square footage of living space is also usually a good investment. If in doubt about how a proposed project might affect your home’s value, consult with a real estate agent familiar with the local real estate market and weigh the cost of the project against its affect on market value later on when you decide to sell.

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