CHAPTER 1 Remodeling - Is It Worth 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 bedrooms - well it's surpricing anyone sleeps in those rooms. 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. Yet, with recent surges in the real estate market and people spending more time at home due to the pandemic, more and more people have decided to take on the task of remodeling, frequently attempting the projects themselves to save money. According to the Home Advisors, over 60% of homeowners made home improvements in the past year, with an average of more than $8,000 spent on those improvements. The home improvement industry was estimated to be worth well over $400 billion in 2019. While that number likely includes routine maintenance, that still represents only one year. We expect the numbers from last year and beyond to be even higher 2
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