Should You Break The Bank On Your Next Home Remodel

Should You Break The Bank On Your Next Home Remodel

Are you contemplating a home renovation in the year to come? Whether it’s something small like replacing an entry door or a major project like adding a bathroom, your decision comes down to how much value the project adds to your home.


Image title

If you’re looking to stay in your current house five years or more, the value-add is subjective. How much does the improvement affect your enjoyment of your house? If you’re looking to sell soon, you’ll need to consider how that project may affect the resale value of the house.


As an agent, I’ve had several people ask me about how much value an improvement project would affect their resale value. The answer is almost always, “Not as much as it costs.” In fact, according to the latest edition of Remodeling Magazine's Cost vs. Value report, the average home improvement project adds about 64 percent of its value to a house. In other words, you usually won’t recoup the full cost when you sell.


That being said, there are a few situations in the resale market when home improvements may be worth the cost:


  • Image title

    When the improvement corrects a safety issue that would otherwise be revealed in an inspection. There’s no sense in ignoring any issue that would cause your home to fail inspection and jeopardize a contract.

  • When the improvement can be done yourself. Great examples would be replacing knobs on kitchen cabinets and drawers, swapping out old lightbulbs for energy-efficent LEDs, replacing your grandmother’s hand-me-down curtains, or painting an accent wall. An interior designer can bring great perspective.

  • When the improvement is otherwise relatively cheap ($2,000 or less). The projects that tend to hold the best value are the ones that are cheapest, such as a basic garage door or steel entry door replacement.


To see much value your project would add to your home, check out the Cost vs Value report here. Also, consult a real estate professional, who can evaluate comparable properties in the area and give you an estimation of before and after values.


Has one of your home improvement projects outperformed the 64 percent average? We’d love to hear about it in the comment section below!


Chris Dell Headshot
Author:
Phone: 706-202-9437
Dated: September 18th 2017
Views: 29
About Chris: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Ridge Vents or Powered Vents - Rob Dietrich BEng (Mech)A hot
How To Enjoy The Holidays In Your Hometown - It’s the most wonderful time of
A Short Guide To Holiday Decorating - When I was a child, one of my
Everyone Has Something To Be Thankful For This Thanksgiving - With Thanksgiving just around the

Our Bloggers

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Georgia, Atlanta Area
1155 Mt. Vernon Hwy Suite 800
Atlanta, GA
678-582-2058
0