Home remodeling is thriving. Maybe it’s because old houses are starting to need the tender love and care that owners have been conveniently harboring for other matters, maybe it’s because the baby boomers are finally starting to settle down and make comfortable and livable niches for themselves, maybe it’s because peer pressure and shiny ads have finally gotten to everyone, all at once. No one is sure – all we know is that home remodeling is hot.Home remodeling has the obvious advantages of transforming your space into your space, customizing and designing it according to your individual needs and wants. It also updates outdated and outmoded appliances, structures and designs and can add usable space in your house. The comfort and pleasure you get from your newly renovated space is an obvious plus.see here
But remodeling has another, equally important advantage – it increases the value of your home. Whether you plan to move out soon or stay put for a good long time, it’s worthwhile to consider what influence the remodeling job you are planning will have on the value of your home.Certain remodeling projects are more likely to recoup your costs for you when you sell your home. For example, both a minor kitchen remodel and siding replacement recoup a national average of 93% upon sale. A mid range bathroom remodel recoups 90% and a mid range bathroom addition recoups 86%. A basement remodel recoups about 79%.The above numbers are very loose suggestions for what you will gain back upon the sale of your house and there are many factors that contribute to how your particular remodeling project will account in the sale of your home.For example, the national average does not reflect local economies and house markets. A stagnant local economy has led to homeowners recovering an average of 65% of money spent on remodeling projects while in some economically active areas homeowners recoup an average of 109%. People tend to make more of their money back if they wait longer to sell after the remodel job. By the same token, don’t wait too long as the remodeling job will wear out and have to be redone.