Thinking about a home remodel? Think again, the Return On Investment of home remodels is down 26% in 2010.
Large investments such as home additions, new granite countertops, and bathroom remodeling have been been hit hard by the down turn in housing prices. Home sellers are looking at more practical means of increasing their homes value.
The new trend is towards cheaper alternatives such as standard laminate countertops, a new roof, bathroom fixture refinishing or new windows. These soultions may not return a whole lot, but they will save your pocket book and increase the homes value to a buyer.
The cost of remodeling materials have also increased an average of 8% this year, so you may want to keep this in mind when considering the type of projects you want to tackle.
In the meantime focus your energy on home maintenance. This is just as important. A well maintained home will give you an edge in a competetive market. When my wife and I were searching for our new home, the one that stood out the most was well maintained, even though it was the same age as others we passed up.
When the housing market turns around and prices increase, then you can think about more expensive projects.
Author: Frank K Cityclix.net Guest Writer
A national survey conducted in the fall of 2005 indicated that baby boomers children are the next generation of purchasers. Baby boomers are still purchasing pre-existing homes as well but this new generation of buyers have different needs than that of the older now baby boomer generation.
All statistics show that homes that are well prepared for the market sell at a higher rate and at a higher price than homes that are not show ready. The seller will absolutely gain 100 – 150% of the staging cost back at the sell. Often sellers receive a higher appraisal on a staged home. Appraisers will take into consideration all upgrades made to the property. This includes carpeting, interior/exterior paint, landscaping and even appliances, just to name a few.
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