Home Selling in Washington>Question Details

Trulia Washi…, Other/Just Looking in Charlotte, NC

Which is the most cost-effective for resale: maintaining a newer home or remodeling an older home?

Asked by Trulia Washington DC, Charlotte, NC Tue May 7, 2013

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You will in most cases come out on top with an existing property and doing the right updates such as kitchen and baths for a lot less than building. Even through the downturn of the market building materials have gone up so much that they just can not compete with the sq foot price of existing.
When buying that existing home you really have to go in with your eyes open and a very good imagination to what that home could look like after you put your spin on it. A dated home usually will be refected in the purchase price making it affordable to put in the updates that are needed. Do your home work on the neighborhood to make sure that it will support your final investment.
This is coming from a former custom home builder in Wisconsin.
0 votes Thank Flag Link Tue Sep 10, 2013
I feel it comes down to location and, of course, initial sales price. Buyers want new and want the idea of no headaches. A new home only stays "new" for so long so it depends also on how long you to expect to be in that property.
0 votes Thank Flag Link Thu May 16, 2013
For re-sale an older home that you renovated will typically have a larger ROI because the newer the home, the higher the initial purchase price as people love new construction.
0 votes Thank Flag Link Tue May 7, 2013
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