Much of the country may be cooling down but real estate home values are expected to heat up, according to HomeGain.com. The third quarter National Home Values Survey results are in and slightly more than half of real estate professionals are expecting home value increases.
The figure rose to 51 percent up from 48 percent last quarter. Other important results, 67 percent disapprove of Obama’s performance as President. Mitt Romney is favored for the incoming President by real estate professionals and homeowners who were surveyed. The survey includes more than 300 real estate agents and brokers and more than 2,200 homeowners.
This has many homeowners taking a closer look at their homes to see what needs fixing up. Whether the intent is to stay or to move, homeowners are increasingly turning to remodeling projects for a solution to meet their comfort needs or better prepare their home for greater resale value now or in the future.
According to Remodeling Cost vs. Value Report, “A number of cities in this year’s Report show cost recouped averages that are above 100 percent for some remodeling projects. This indicates that, on average, those projects are worth more in resale value than the owner spent to construct them.”
While that may not always be the case, the report shows that certain remodeling projects offer greater returns. This can help homeowners decide on how to prioritize their own remodeling projects. For instance, if you’re in a market where most homes have few bathrooms, spending money on adding a bathroom or increasing the square footage and updating it, can not only make it more comfortable while you live there but also increase its resale value. Kitchen remodels are always considered a good return on investment because that’s one area of the house that attracts nearly everyone.
Some home remodeling projects that might be important to you but aren’t as influential when it comes to increasing resale value are specialized remodel jobs like a home office. Some buyers might prefer to have an extra spare bedroom over that office space. However, the office could likely be converted back to a bedroom if the home were sold.
Remodeling your home can add extra comfort, space, and value. You can change an existing room to meet your immediate needs. How these changes later impact your resale value will depend on the type of remodeling project you have done, the age of the home, its upkeep, and how much prices are fluctuating in your neighborhood.
Be sure to consult with experts.
Understanding how remodeling projects affect your home, lifestyle and resale value help you to make the best choice for your home and financial future. Read more about how to get the best value for your remodel.