Well, I suppose it depends on whether you are seeking an emotional or a financial pay off. Most people are seeking both when they remodel. Keep in mind that you will not get a 100% return on the cost of your remodel project through the increased value of the home. Spending a ton of money on big projects may give you the emotional joy that you want, but the financial return may not float your boat.
Owners should consider their purpose for projects and make remodel decisions by weighing the emotional and financial costs. Setting expectations before launching into a project could save some heartache down the road.
As an example, I was recently asked if homeowner who is getting ready to sell should update their kitchen cabinets and bathroom before putting the home on the market. The home is clean and will show well, but is a bit outdated with original 80’s look and feel. After thinking it through, I suggested the seller not pay for any updating or remodel projects. This is because the local real estate market in their city is actually experiencing an inventory shortage of active listings. In this case, the home will sell as is, and quickly. Remodel projects would cost too much money and time that would not be returned back to this homeowner from the sale…so why bother? Let the new buyer/owner pay for these updates.
Here is a link to Remodel Magazine‘s website which has issued their the 2011-12 Cost Vs Value Report. Cost vs Value returns are reported by region and compared with the national average. CHECK IT OUT before you spend that hard earned nestegg. If after considering all the costs and returns, you decide to go for it, then do your best to make it a joyful experience!
Have a sunny week, wherever you may be ~