Realtor Magazine, in conjuction with Remodeling Magazine, has just released the 2005 report on remodeling costs vs the value recovered when a home is sold.
The report shows that sometimes the property value can be increased by more than 100% of the cost of the remodeling project, usually in areas where prices are rising rapidly. This can also happen where certain types of remodeling is considered to be "standard", such as where granite kitchen counters are no longer considered an upgrade. If the kitchen is not upgraded to the standard of the neighborhood, it can in fact slow down the sale of the home and cause it to sell for less than other homes in the area.
Of course remodeling is usually done for the enjoyment of the improvements, but sometimes it can be a good investment move as well.
Linda Slocum
HoneyStartPacking.com
Santa Clarita, CA
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