One of the more frequently asked questions, we as Real Estate professionals get asked is "should we remodel our home and what will be the payback?" The answers may vary nearly as much as the options for remodeling. Homeowners are motivated to remodel or upgrade for a number of reasons including enhancing the homes future value, improving the homes overall appearance(updating), adding to their quality of life, changes in family unit size, appealing to future buyers or the inability to upgrade homes due to their current circumstances.
According to a recently released study conducted by Harvard University, nationwide the most popular remodeling jobs include kitchen remodels, bathroom upgrades and bedroom add-ons. Keep in mind that regardless of the remodel or upgrade you choose, you are not likely to see a dollar for dollar return on your investment. Sometimes the highest returns can be achieved by a simple facelift of painting and carpet or through minor updates such as counter-tops or window treatments. I often suggest that the percentage return may be less important if it brings about a greater level of liveability and quality of life for you and your family.