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Arden Hills : Real Estate Advice

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Thu Jun 5, 2008
Deborah Madey answered:
There are two motivations to remodel....
1) Financial gain
2) Personal use and enjoyment

If your net position from the remodel was a negative - i.e. You invested 20k, and you estimate that the value of the property increased 15K, is the personal value worth it?

There are times a seller makes a decision to invest in a home improvement to make his/her propety more competitive. Will your property sell faster, if it is updated? What will the financial benefit or drawback be if your property sells quickly or takes a long period of time to sell? i.e. If you carried a mortgage payment for 6 months extra,especially if the property was vacant, how would that expense compare to a net loss on the improvement investment.

Keep in mind that the return on investment figures quoted by various sources are only a guideline based upon averages. Your particular property may yield an ROI which may be above or below that benchmark.

I showed property in a neighborhood last week where corian and formica counters were common. The homes were in great area, and represented the top 20& of that market. Applicances were Maytag, Kenmore, and the GE Profile appliances were touted as 'tops" for the area. If I were in a different neighborhood, only granite, Viking and Subzero would have been expected. Your choices will need to be consistent with market demand for the area in order to make the most of your investment.

Gain a comprehensive understanding of the demand factor and find the balance between what you personally desire and what is a safe a viable home improvement investment.
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