I'm Fixing My House To SellBut Damn,
...Will I Get The Money Back At Resale?
Hell no... well, maybe.
It's a buyers market if you haven't heard. You missed that gravy train where houses with inflated prices and 1972 decor were flying off the block. Now, brokers search the listings for buzz phrases that all begin with "New", as in new bathrooms, new granite counters, new copper plumbing, new state of the art kitchens.
No on-line virtual tour of your home??? You're like Posh Spice Beckham moving to the beaches of Los Angeles... you have reason to be nervous, 'cause ya' now got competition!
That said, let's look at home improvements returns upon resale:
According to Hanley-Wood LLC’s 2003 Cost vs. Value Report, homeowners recouped:
**84% of the cost of an upscale bathroom, 95% of a more modest one.
**79% of the cost of an upscale kitchen renovation, 75% of a more modest one.
**79% of the cost of a basement remodel (includes large entertainment area, bath, additional bedroom-sized room)
**77% of a master bedroom suite, whether high-end or mid-range
**104% of a deck addition. Folks are obviously in to more leisure time!
Maybe kitchen and bathroom renovations do pay for themselves, yet don't count out the basement. Either way, pimp your crib for you and yours to enjoy. Whether the time, money and inconvenience will pay for itself - two words - DON'T TRIP!