Are Remodeling Projects Worth the Investment?

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Many homeowners believe that adding brand new cabinets, wood floors or marble countertops will increase their home value by more than the amount spent on the improvement.   The truth is, remodels, upgrades, and other home improvements do not give a 150% rate of return (or even a 100% rate of return, for that matter) on investment no matter how much one wishes it would or thinks it should.

The National Association of Realtors recently came out with it's annual 2008 Remodeling Cost vs. Value Report. NAR President Charles McMillian pointed out that the "

The report recommends exterior improvements to capture the biggest return on investment. Do you agree? What home improvements do you think are most important to a resale?

value of a remodeling project is not equal to the cost of the project". He explained that factors such as “A home’s overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project.”

Date: Friday, December, 19th 2008 @ 08:23:30 AM
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