Remodeling projects that don’t pay off
04/15/2016 | Author: Marty Kramer
It’s surprising how many remodeling projects don't pay for themselves when you eventually sell your home. In other words, the value added to your sale price is less than the price tag of the remodel.
In fact, the majority of home updates and additions fall into that category, according to the 2016 Cost Vs. Value Report from the National Association of REALTORS® and Remodeling magazine.
Even so, there are many good reasons to remodel your home. You may get more than your money’s worth of enjoyment from functional and aesthetic improvements to your home. Also, outdated kitchens, bath, and decor can make it difficult to attract buyers. Perhaps most important to remember, though, is that reports like this deal with estimates, averages, and assumptions. The value of a remodeling project may have different results in different cities or neighborhoods and may vary from one type or price of home compared to another.
You can get a general idea of the most and least valuable remodeling projects in Texas from the infographic below, but to really dig into the details of how a remodeling decision might affect your property's value and attractiveness to buyers, talk to a Texas REALTOR®.
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