Many homeowners are opting to stay put and are looking for ways to enhance the liveability of their homes through engaging in home remodeling projects.
Is it time to install granite surfaces, finish a basement area, add an additional bathroom, replace windows or add a family room? What impact will any of these improvements have on the value of my home? Realtors are often asked what types of projects will result in the greatest return on investment.
The first question the homeowner should answer when considering a remodel project is "Am I doing this to enhance my lifestyle or merely in an effort to enhance the value of my home?" The answer should dictate the level of the remodel, the cost incurred and the actual enhancement or improvement to be considered. For example, a particular style of flooring may appeal to you, it may not add value . . . so one needs to balance personal choices with value.
The next question should be, "How long do I anticipate remaining in this home?" If one is planning to remain in the home for greater than 5 additional years, the choices you make in terms of a remodel project and the cost should be dictated by your lifestyle and comfort. If one is moving up or downsizing in less than five years, an argument can be made to select projects geared toward increasing value that would be considered universal in appeal (such as moderate updates of kitchens and baths).
Overall, according to Remodel magazine's 2009-2010 cost vs value report, the improvements that retain the greatest value in the Albany, NY metro area are: steel entry door replacement (97.5%), attic bedroom (73.1%), wood deck addition (70.3%), bathroom remodel (68%) and major kitchen remodel (66.5%).