Why should you do any remodeling when you are not able to fully recoup your investment? First of all, the figures in the infograph are estimates. If you live in a weak market, you might not fully recoup the cost, but the improvements may distinguish you from the other homes in your area and therefore your home might sell quicker. In a “hot market”, there is a good chance that you are making your investment back and then some. Just so that you know, Colorado Springs real estate market is warming up quite nicely this year.
Are you contemplating to remodel? Then think about your enjoyment first, and then about adding value to your home. If YOU like a sauna, then by all means install it, just don’t expect a buyer later on to feel the same way.
If you want to sell your home within the next 3-5 years, make sure that you improve your home along WITH the values in your neighborhood. If your neighborhood caps at 2,500 sqf then adding an additional 2,000 sqf will probably not get you the return you hoped for.
Do you love your Viking stove (who wouldn’t?) and your hand-forged copper sink? Great! However, a buyer might not be willing to pay a premium for it. Call or text me for more information about your neighborhood (719-321-0800)
Note, that sometimes small(er) investments such as a new carpet or paint will go a long way – especially when you combine this improvement with the advise of a homestager to make sure you’ll show your home from it’s best side. Also remember, that in general, repairs are NOT improvements.
Depending on the age and condition of the house it might take a little research which home improvement would bring value to your home. Talk to me to learn what your options are, before you spend too much money on a project.