CHAPTER 1 Remodeling: Is It Worth It? orth It?
Remodeling. You’ve been thinking about it for a while now. That choke point in the kitchen is maddening, the wallpaper in the bathroom is a crime against good taste, and the basement has looked like a dungeon for years, not to mention the upgrades to the doors, windows, and landscaping that have been the subject of so many dinner table discussions. It crosses your mind that maybe it would be better to just move and leave all the home’s faults for someone else to figure out. Then again, your job isn’t going to last forever and you may have to move in five or six years anyway. Maybe it would just be best to tough it out until then. After all, no one gets their money back on remodeling projects at the time of sale anyway, right? The truth is that deciding to remodel can be an extremely stressful decision. It affects your savings, your enjoyment of the home, and the property’s potential resale value. Forbes reports that homeowners spent $481 billion on improvements to their homes in 2023. According to the National Association of Home Builders (NAHB), homeowners' commitment to enhancing their living spaces remains strong. Recent findings from the NAHB’s “Special Study on Characteristics of Home Buyers” illuminate the evolving priorities and demographics of the current homebuyer market, and with 7% of buyers opting for new homes and 40% making their first home purchase, the landscape is increasingly diversified. Certainly, the current state of the market will influence your 1
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