The question of the day for homeowners- remodel or move? As the local Cincinnati real estate market continues to improve some owners decide to remodel or update hoping to increase the value of their property.
Clients and friends want to know what to spend on upgrades and which ones have the most bang for the buck. A better question might be- are you remodeling for your own enjoyment or to add resale value? The most important thing to remember when you’re thinking about upgrading or updating is to ask yourself “why”. If you are adding an ultra gourmet kitchen to a home in greater Cincinnati, Wyoming, Mason or West Chester and your current property is already more expensive than other homes in your neighborhood, the chance or recovering your investment in the short term is very questionable…..and in today’s real estate market, in spite of what you see on television, that even modest remodeling jobs may not recover the total investment.
Since there’s no magic value wand to wave over the newly upgraded kitchen to determine estimated costs- the next best thing is a free guide from Pillar-to-Post Home Inspectors.
The guide offers a rough idea of what projects cost. Your real estate agent can provide data on prices in your neighborhood so you can make an informed decision- remodel or move. New paint and carpet are the 2 most cost effective fixes if you’re planning on sellling your property now.
Another source of remodeling cost vs value is the Remodeling Cost vs Net offers a costs by regions and links to vendor as well as estimates for certain types of work-like painting. From personal experience the estimated prices for the job (ie: new front door, upgrading bathrooms) is usually lower than the actual costs.
No quick answer to remodel vs move-but investing tons of money in order to sell for a higher price in the near term isn’t cost effective. If you plan on staying awhile -to enjoy living with remodel and/or upgrades- then you may have a more reasonable view of the cost value vs net.
Not sure which option is best for you- Call/Text