The short answer is yes, living in the house for another 10-20 years will reap the benefits, not only when you sell but in the enjoyment you will derive every day. The key is not to go overboard with exotic desings and patterns. Kitchens and bathrooms always net the highest return, but you live in an area that is desirable in itself. Go for it, Nancy, and enjoy it. No one can predict what house prices in Geneva will be in 10 or 20 years but you are likely to find $600K is well within reason.

The most important question: What is your motivation? do you plan to fix and sell... or fix and enjoy? To make a profit right now means that you have owned the home a long time with good equity or bought for an amazing price. To remodel a kitchen or bath is one thing, to add square footage is another and more costly.
On a positive note. The contractors in the area are just like everyone else - mostly looking for work. You should be able to get some good bids and good quality work done right now if the imposition and hassel does not cause relationship problems. It is not fun to live in a mess! So, be sure everyone is on board and have fun with this project. If you need further assistance feel free to call me. Be sure you are adding value and do a good job.

Nancy,

If you are in for the long haul probably the best thing to do is focus your attention on creating the environment that is going to meet your specific needs. Focus on the "quality of life" you will enjoy in this home.

Your plan to be in the home for 10-20 years should create distance from today's concerns.

Good luck

Here are some improvements that can help increase the valure of your home. If I could assist you with financing your major home renovation, please let me know.



Remodeling

Bathroom - 102%

Kitchen - 99%

Basement - 90%



Replacement

Siding - 104%

Windows - 90%

Roof - 85%



Additions

Bathroom-86%

Family Room - 83%



Will Addo
Wells Fargo Home Mortgage
willis.addo@wellsfargo.com

That is a great question. Major remodels can be more costly that new construction it really depends on the stile of remodel etc. Many homes are on the market at below replacement costs. We are seeing more people choose to stay in there homes and remodel because it has been so expensive to build new and harder to sell their existing home. The other thing that I would look into is the cost of different products. I know that certain items that contain petroleum products have gone up and items that require high shipping or trucking cost like concrete etc. have gone up. I have heard however that wood prices are down. I guess I would need to know more about the circumstances and specifically what you are looking to remodel. As far as the Geneva area, it will continue to be an area that people want to live and invest. There are some more affordable homes and distressed properties in the area that might bring the price down in the short term, but there are also still many homes in the higher price range. If you look at the history of real estate in the Bellingham area, historically a home that was worth $600k today could potentially be worth twice that amount in a 10 to 20 year period. I hope this has been helpful. If you would like to ask me specific questions regarding your remodel or values, feel free to email me or call.