Published March 19, 2019
Is Remodeling Worth the Effort for Resale?
At some point during the chaos of every remodel, one question is asked, “Is it worth it?”. Is it worth the upheaval? Is it worth the cost? Most importantly, is it worth the effort when it comes time to sell?
The answer: It depends.
It depends on where you live and what you choose to remodel. For example, when it comes to location, the West Coast sees a higher return on investment than does the Mid-Atlantic, according to CNBC.
Regarding specific projects, the 2018 cost-vs.-value report from Remodeling Magazine shows that smaller upgrades vs. larger remodels get you the most bang for your buck.
According to the report, those who remodel on a massive scale should expect a return of investment at 56%. This is less than the steady return of 64% over the past two years.
Why the drop? Craig Webb, Editor of Remodeling Magazine, believes it is because some real estate professionals suspect their local market may be reaching its peak. He explains, “Consequently, spending a lot of money does not automatically mean your house will just ride the escalator up and be worth a lot more.”
So, if you are planning a remodel in 2019, the rule of thumb is to keep it simple. Forgo a major kitchen overhaul for a simple upgrade that could recoup you 81% return on your investment, compared to only 53% return on your investment for the major overhaul.
Instead of building that addition to the master suite, which you could expect to receive a 48% return on your investment, consider something with more curb appeal, such as a new garage door (98% ROI), a manufactured stone veneer (97% ROI), or a wood deck (83%).
When asking yourself if all the effort is worth it, keep your real estate agent in mind. This professional knows your market inside and out and best advise you about whether your potential remodels will achieve the return you desire. Seek his or her input before starting your next project.
No matter where you are in the process of selling your home, we can help! We can easily and quickly assess the value of your home and give you a detailed list of improvements you could make to increase the value for sale. And with 26 years experience in the Real Estate Industry, we have cultivated a relationship with many top-quality vendors that we could recommend to get your property in tip-top shape, in order to get the most money when you sell!
If you or anyone you know are considering buying or selling a home this year, please feel free to give us a call today for a private discussion about your situation!
Jeff Jensen
I am a 3rd generation Tacoma Pierce County native. After 26 years as a realtor in the community I grew up in, my name is synonymous with Quality Real Estate Representation and Service. I work professionally and tirelessly for my clients to achieve success and an outcome that benefits all involved. I love to participate in community events and represent my city. I have been here my whole life and I love Tacoma!
253.381.4111
jeff@jeffjensenhomes.com
