Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

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Cincinnatians Ask “Remodel or Move”?

filed under: For Sellers posted on March 2nd, 2011

Duke Energy Center

The Home and Garden Show is currently running in Cincinnati at the Duke Energy Convention Center.  And events like the Home and Garden Show and Homarama often prompts a lot of home owners to ask questions about should they redo this or upgrade that?  Some past clients even ask if they should remodel or just move?  

The better question to ask yourself might be- am I upgrading for my own enjoyment or to add resale value?

Well there is no magic value wand to wave over the newly upgraded kitchen to determine value added- but each year REMODELING issues a report for various cities throughout the US.  Thanks to Hanley Wood for compiling the data each year. 

I think the most important thing to remember before you decide to upgrade or update -is to ask yourself “why”.  If you are adding a “man cave” to a home in Cincinnati or West Chester and your current property is already more updated (read….owners have a;ready sunk a lot of money into remodeling and upgrades) the chance or recovering your investment in the short term is very questionable.

The chart below is a snapshot of  estimated cost versus the value for normal upgrades in the greater Cincinnati area:
Greater Cincinnati Cost vs Value

As you can see recovering your investment is not likely and I can tell you from personal experience the estimated prices for the job (ie: new front door) is usually lower than the actual costs.  If you’re only updating for resale- call me and get a professional opinion before you spend your money.

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