Buying a home to remodel
Is it a good deal?
Read on to find out
Because of good home sales, a resurgence of consumer
confidence, and low interest rates, the home-improvement
industry is booming. "USA Today" reports that the dollar
value of remodeling will surge to about $117 billion -- 8%
over last year's level.
Before selling a house, it's frequently a good idea
to do some simple fix-ups on it, such as painting and
installing new carpet. But people who have just bought
homes will sometimes do a lot of heavy remodeling to bring
the home up to more modern standards. That can be
profitable. In addition to having the enjoyment of living
in the upgraded home, these owners can often recoup much
of the cost of remodeling when the house is sold. The
chart below shows how much various improvements can bring.
And, as costs increase over the years, the improvements
will increase in value too!
|
Projects with the highest return |
||
|---|---|---|
| Average cost | % of cost recouped | |
| Upgrade Kitchen | $6,368 |
101% |
| Revamp Kitchen | $20,078 |
93% |
| Upgrade bathroom | $6,269 | 85% |
| Add bathroom | $11,441 | 92% |
| Add family room | $28,736 | 86% |
| Add master bedroom suite | $19,210 | 85% |
| Add sun room | $21,998 | 71% |
| Re-side exterior | $8,592 | 67% |
| Source: National Association of the Remodeling Industry | ||
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