Helpful Tips, Home Values, Real Estate

Remodeling Your Home In Today’s Real Estate Market

November 30, 2010 by · 6 Comments 

Remodeling Your Home in Today's Real Estate MarketIt is time to think twice about remodeling a home in Chesterton, Indiana if it is going to be listed for sale in the real estate market.

A recent study conducted by Remodeling Magazine in partnership with the National Association of Realtors (NAR) shows that home renovation projects in 2010 are bringing less returns to home sellers than it had in previous years.

This study shows that a renovation project completed in 2010 vs. 2009 will cost more for the renovation and bring less money back in the sale price of the home.

For example, the national average cost to complete a major kitchen remodel project increased $1,152. When looking at what of the costs can be recouped by the sale of the home, the return on investment lowered by $1,134.

In previous years, it was advantageous for a home seller to take on renovation projects in the interior or exterior of the home in order to sell at a higher price. That is not always the case in today’s real estate market though.

Although a complete remodeling project may not work for your home, making some minor updates may.

According to CNNMoney.com, making some minor updates to your kitchen the right way can cost as low $2,000 but  make your kitchen more attractive to home buyers.  Some suggestions they provided was to upgrade the backsplash, dress up old appliances, and make your own concrete countertops.

When thinking about remodeling your home, especially if you are planning on listing your home on the market in the near future, it is always best to consult professionals in your local area. While the figures above reflect national averages, the Chesterton, Indiana and Northwest Indiana market can result in higher or lower costs and resale values.

Contact me if you have questions about whether home remodeling is the right move for you to make right now.

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Jim Sims

Jim Sims is a licensed Realtor with McColly Real Estate. With a Bachelor Degree in Marketing and Management Information Systems from Purdue University Calumet, he loves to leverage the best of today's technology to achieve his clients real estate goals. While Jim facilitates real estate needs throughout Northwest Indiana, he specializes in the Northern Porter County communities of Burns Harbor, Chesterton, Portage and Porter Indiana. Learn more about Jim and visit www.JimSimsHomes.com.

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Comments

6 Responses to “Remodeling Your Home In Today’s Real Estate Market”
  1. If home remodeling and home renovation projects no longer have a high rate of return on home values in Northwest Indiana, what are some other options for homeowners who desire to have more space?

  2. Jim says:

    There are a couple of options for homeowners in Northwest Indiana. When circumstances allow, the ideal solution would be to list their property for sale on the real estate market and upgrade to a house with more living space for them. The other option would be to rent their current home and upgrade. Either way, they will be able to obtain the living space they need.

  3. Are you implying that today’s homeowner in Northwest Indiana might be better served to buy up than to remodel their existing home?

  4. Jim Sims says:

    Yes. In the past, completing a remodeling project in the kitchen or bathroom would improve the property value. The returns on these types of projects over the last few years have declined to a level that it may be beneficial to receive a lower price selling the home and moving into something with the upgrades already there.

    Overall, the best thing for a homeowner to do in Northwest Indiana is to contact a Realtor to help them find out what is right for them.

  5. meganbro says:

    Nowadays if the business is  high then its only home renovation, designing and remodeling, contractors are earning more money in this field.

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