Is the remodel worth it?

Remodeling, where to begin. It can mean a variety of different things to different people. Some people may consider a remodel changing paint colors in a bedroom. Others may say a remodel is taking the room down to the studs and starting over. If you see your family expanding and quickly growing out of your 3 bedroom. Do you update your kitchen? Should you update your bathroom? When you bought your home with all intensions to sell it in 2 years, with hopes you will be able to afford your dream house (and avoid capital gains tax in the event you turn a profit)? Is it all worth it in the end and what types of returns should you expect?

A great article out by NAR goes over average cost to complete renovations and what the rate of return is on certain remodels in the home. I can’t help but notice the lack of return on investment when homeowners are throwing huge money at these renovations. You must consider is it necessary for the sale of the home. How fast do you want to sell and at what price? So many questions come into play where you must decide, is this renovation worth my money and if it is will I be happy with my return. Personally, I think the numbers are a bit over stated for this area but never the less. As homeowners you need to consider is the renovation necessary for my family and I. Also, if it comes time to sell will it pay off how I predicted it would.

Please check out this article if you’re considering a renovation, it will definitely lend some insight into return on renovations.

http://realtormag.realtor.org/daily-news/2017/09/28/kitchen-remodels-offer-big-paybacks-resale