Joseph Talbot, Real Estate Broker - HOME IMPROVEMENTS THAT IMPROVE VALUES

CHAPTER 1 Remodeling – Is it Worth it? orth it?

Remodelling. You’ve been thinking about it for a while now. That kitchen layout 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 it might be better just to move and leave all the home’s faults for someone else to figure out. But, then again, your job isn’t going to last forever, and you may have to move in five or six years anyway. So maybe it would just be best to tough it out until then. After all, no one gets their money back on remodelling 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. Yet, since the housing bubble burst and the recession years passed (and may happen again), more and more people have decided to take on the task of remodelling, frequently attempting the projects themselves to save money. A surge in renovations across the country has been primarily driven by the effects of a recession, as interest rates and costs of labour and material have risen. As a result, many people are trying to cut costs where they can, taking on projects themselves rather than hiring costly contractors. Whether home prices are rising and homes are moving off the market quickly in many areas, or the market is stable, 2

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