Mar

Before You Sell: Is It Time to Remodel

In Today’s Market it is more important than ever to ensure that your home is in tip-top condition. What that typically means is making some improvements or remodeling.

The website RemodelorMove.com has some excellent calculators if you are trying to decide if it is better to remodel your present house or move. Since prices on existing homes are so low right now the bias lends itself towards moving; however, to ensure you get top dollar for your home you might need to make some improvements to your present house before you are able to sell.

I found this great information about returns on remodeling projects today:

Master Suite - Turning your master bedroom into a master suite is a popular remodel and one of the best ways to add value to your home. Bedrooms aren’t just for sleeping anymore. A master suite can include sitting areas, direct access to walk-in closets, and of course, the master bath. Master suites can increase your home value as much as $67,000 and recoup as much as 65% of their costs on average.

Family Room Addition - Family rooms are a desirable addition to modern homes. They can increase the value of your home as much as $50,000 on average and recoup approximately 65% of their costs.

Basement Remodel – People who have basements are tapping into that storage area and turning it into living space including bedrooms, family rooms, play rooms, and even bathrooms. A basement remodel can add as much as $46,000 to the value of your home on average for a mid-range remodel and recoup 75% of its cost.

Kitchen – Technology changes so quickly that anything more than a few years old looks dated. Since your kitchen is likely the one room in your house to contain the most gadgets, remodeling this room can add significant value and utility to your house. Kitchen remodels can recoup as much as 72% of their costs.

Attic – A great way to turn this wasted space into livable space is by adding a small bedroom or converting this space into usable storage. Attics can add over $40,000 worth of value to a home and recoup over 80% of their cost.

Sun Room – A popular trend today is having a room that doubles as an indoor-outdoor area, also known as a sun room. Some sun rooms have entire walls that can be rolled up, opening the room to the outside completely, while others are more simple additions, acting like screened in porches or decks. A sun room will recoup approximately 50% of its cost.

Garage – Families with multiple automobiles require two or more garages. Some people with boats and RV’s also like to keep their vehicles safe indoors. As such, adding a garage for these purposes will add value to your home. A two car garage can add as much as $36,000 to the value of your home and recoup 62% of its cost.

Bathroom – most agents will tell you the master bathroom is the third most important room to potential buyers, behind only the kitchen and master bedroom. Turning your bathroom into a master bath suite with jetted tub, standing shower and dual sinks can increase the value of your home. Also, adding an additional bathroom to a home that has only one can also add resale value. A bathroom addition will add over $20,000 of value to your home and recoup 60% of its cost.

Home Office – With scores of people telecommuting or opting to work from home rather than at the corporate location, a home office is quickly becoming one of America’s favorite additions. This addition will recoup almost 50% of its cost and increase the value of your home nearly $13,000.

Roof Replacement - Many potential buyers will cross your home off their list if they think roof repairs will need to be made in the near future. At the same time, replacing your roof can add value to your home and make it more energy efficient. A new roof will increase the value of your home nearly $13,000 and recoup almost 67% of its cost.

lendingtree.com, Lendingtree.com, Mar 2010

Remember if you are looking to purchase a USDA Home Loan is the best loan available. If you are looking to get approved to purchase your next house, or get cash for your remodeling project the best place to start is Lakewood Lending Group.