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Need to Buy or
Sell a Home!
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Will your Remodeled Home Out-Price the
Neighborhood?
Consider the Return on Investment when
Planning a Home Remodeling Project
By Mark J. Donovan
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When considering a home remodeling
project it is important to understand upfront how it will impact the value of
your home. If your home is already priced at the high end in your neighborhood
then adding a home addition or investing in a major home remodeling project may
be risky from a return on an investment standpoint. If on the other hand you
have one of the smaller homes in the neighborhood adding an addition or
remodeling the kitchen may pay off handsomely for you down the road when you
sell the home. |
To better understand what your home may be worth after completing the home
remodeling or addition project you may want to talk to a real estate agent
first. A real estate agent can do a competitive market analysis (CMA) on
your home. When they do the CMA they can include “comp” homes that are
similar to your home before and after the home renovation.
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You can then take this information and compare it to the actual costs of the
home remodel or addition to see what the return on investment, if any, will
be.
Also carefully consider your home addition or remodeling design plans. Make
sure that they are aesthetically attractive to the rest of your home and the
neighborhood. For example, from a return on investment standpoint you
wouldn’t want to renovate the exterior of your home to look like a colonial
style home, in a neighborhood filled with contemporary style homes.
You’d be doing a financial disservice to both you and your neighbors. |
If on the other hand money is no object, or you plan to live in the home a long
time, or your family really needs the space, or the home absolutely needs
updating, then by all means make the investment and tackle your home renovation.
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New Home
Construction Bid Sheet.
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New Home Construction Bid Sheet
provides you with the knowledge on how to plan a custom home building project,
and what to look for when hiring contractors for your new home construction. It
also includes a detailed cost breakdown table and spreadsheet for estimating
your own new home construction building costs.
Other Related Real Estate Information
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