Many of our clients begin their journey by asking if it makes more sense to improve their existing home or sell it and begin anew. Our answer is always "Well....that depends". Obviously, the answer to that question ultimately depends on the clients goals. The following is the primary consideration we ask our clients to make:
Will the cost of the improvements increase the value of the house? If so, by how much?
Generally speaking, there are certain improvements that often add dollar for dollar value. Simple room additions and lower level finishes are two great examples. Other projects such as kitchen and bath remodels may enhance the marketability of the home (make it sell faster) and offer more enjoyment to the home owner, but yield less financial return. The last category of improvements such as new roofs, siding, window, door replacement, heating/cooling updates etc., generally preserve the value of your home and may increase its efficiency and operating cost. The added value of these improvements differs greatly from market to market and are much more difficult to ascertain.
We work with our clients and other real estate professionals to answer this question. We feel that understanding the economics should be the first step in the decision making progress.
We will gladly visit your home for a free consultation. Please contact Mark Regna at 314-578-3827 or fill out our contact form to set up your appointment today.