When collecting bids for a home remodel project, it might be tempting to take the lowest offer, but if the highest bid comes in at $75,000 and the lowest is $30,000, there could be a reason the low bid is so low.
To help with decisions, owners should look at NAR’s 2015 Remodeling Impact Report to see what the average cost of a particular project is and compare those costs to their bids. Sometimes, taking the higher bid saves more money in the long run.
When remodeling, always think resale, resale, resale. How much money you put into a remodel should be measured by how much it adds to your home’s value. Will your $75,000 remodel increase your home value by $75,000? Not likely.
To understand better how much you can recoup for a remodel expense when selling your home, check out Remodel.com’s 2016 Cost vs. Value Report that compares the average cost for 29 popular remodeling projects with the value those projects retain at resale in 99 U.S. markets.
What Appeals to Buyers
It is important to be sure to have quality work done in your remodel, not only to enjoy your home now, but so it has greater appeal to buyers in the future.
Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, and perhaps bring in more offers or gain more equity from a home.
In the NAR Remodeling Impact Report, Realtors® named kitchen upgrades, complete kitchen renovations and new wood flooring as the interior projects that most appeal to potential buyers.
Ask a REALTOR® about renovation projects that have caused problems at resale and how those could have been avoided.
I have been advising homeowners on the sale of their homes for more than 20 years in the Olympia, WA area and I would be glad to answer any questions you may have. Just give me a ring at (360) 701-4223 or email me at email@example.com.