Remodel in a Shaky Housing Market?

Kansas City Remodeling — Sat, 07 Nov 2009 05:05:41 +0000

Even though remodeling contractors are seeing the phones start to ring again, it is no secret that right now you can get a great deal on that remodel project you have been thinking about.

The Wall Street Journal has reported that in some parts of the country contractors are discounting the price for a remodel project by up to 20% !

But is the the right time to spend your hard earned cash on upgrading your home, especially in this turbulent housing market?

The experts say yes! Remodeling your house makes the most sense if you are a homeowner that plansto stick around for a while. Some homeowners would like to “move up”, but because of the current economy just can’t swing it, so they are staying put and upgrading their current home.

It is important to keep in mind that most projects cost more than you will get when you sell your home. A survey by Remodeling Magazine showed that $61,000 spent refinishing a basement added only $44,500 to the resale value of the home.

In fact the survey included a couple dozen projects and the typical return on the investment was consistently about 73%.

But as you know, it is hard to put a value on your happiness and the added enjoyment you will get out of your home!

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Remodel in a Shaky Housing Market?