One of the biggest questions we often get is whether someone should consider remodeling their home if they are planning on possibly moving within the next few years. The simple answer is yes, you should. On average we see most of our customers recoup about 85% of the money that they spent on the remodel when they sell their home. Many consumers prefer a move in ready home when purchasing. This is because know what they are getting with a move in ready home, also consumers don’t have to worry about having to make renovations of their own if they know the home was recently updated. With homes moving off of the market quicker than ever know adays, it is important to make sure you are setting your home apart, and an home update is just the thing to do that. Obviously, other factors come into play such as geographical location, and neighborhood when selling a home, but on average most people see a relatively high ROI, rate on return, on their investment. But, don’t take it from us several experts believe that investing in a remodel is a worthwhile opportunity. According to financial advisor Dave Ramsey, “The average cost of a minor kitchen remodel is about $21,000, and the average amount recouped is $17,000. That’s an ROI of 81%” (Ramsey). Most people will make a large percentage of their money back after a remodel, an article published by HGTV states that, “kitchen and bathroom remodels continue to be two of the best investments you can make in your house” (McCleary). Overall, if you are tired of looking at your old, run down kitchen and are planning on staying in your current home for a few more years, then completing a remodel of your home will prove to be a worthwhile investment.
Sources:
McCleary, Kathy. “Which Home Improvements Pay Off?” HGTV, www.hgtv.com/lifestyle/clean-and-organize/which-home-improvements-pay-off.
Ramsey Solutions. “How Will Kitchen Remodeling Affect Your Home’s Value?” Daveramsey.com, Dave Ramsey, 27 Apr. 2019, www.daveramsey.com/blog/how-will-a-kitchen-renovation-affect-value.