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Remodeling your house can be very expensive. Before you
invest your hard earned money on remodeling your
house, you would like to know what the returns on this
investment would be. One would like to know
whether the resale value of the house would increase once remodeling
is done. You would like to know whether it is better to build a new
house or to remodel the existing one. Returns on remodeling
investment depend on a number of factors. These factors are briefly
- The type of remodeling you are planning to do is important. If
you plan to repaint your house then the investment will not be
large. But if your plan to make an extension in the existing
structure, then it will involve a big investment. Depending on the
geographical location of the house such an investment will be
positive or negative.
- Returns will depend on the
value for houses in your locality. If the prices
of house are increasing in your locality, then you will get a good
return. But it prices are decreasing then remodeling will not add
value to your house.
- Returns will depend on how your house will appear after the
remodeling is done. If it doesn't fit in with the way the other
houses look in the neighborhood then the value of the house will not
- Returns will depend on number factors in the neighborhood as
well. If a highway is being constructed in the neighborhood the
value of the house is likely to decrease in future.
- Returns will depend on the time taken to commute to one's work
place. If your neighborhood has easy access to work places and
highways then the value of your house is likely to increase.
- If local transport facilities are good then the returns on
remodeling may be high.
- Returns on remodeling investment will depend on the quality of
elementary schools and the over all quality of public education
system. If the quality of education is good then the returns will be
- Returns will depend on easy access to shops, grocery stores,
restaurants and shopping centers in the neighborhood. If your house
has easy access to most of the above then the value of your house is
likely to increase with remodeling.
- If the
taxes are high in your municipality then the value
of houses will decrease.
- If the crime rate is high in your neighborhood then the returns
on remodeling will be less. As your locality will be less attractive
to new tenants.
When one is investing a lot of money in remodeling, he does so
hoping that the resale value of the house will increase. Depending
on the above factors decide whether investing in remodeling your
will be a positive or negative investment. By remodeling your house
if you intend to increase its resale value, then use the above
factors as a checklist and then decide whether remodeling your house
will be worth it or not.