Remodel Or Sell?
How do you determine whether a remodeling project - or a move - will be worth the money you're planning to spend? First ask yourself how long you plan to stay in your current home. If you're planning to stay for many years, but feel a major improvement will make it more livable, your comfort is probably at least as valuable as recouping the remodel's cost. After all, the money you're spending is being reinvested in your home and, depending on how you finance your project, the interest may be tax-deductible.
Keep in mind, too, that while major remodeling projects can be expensive, capital improvements (projects that enhance the life expectancy or value of your home as opposed to routine repair and maintenance jobs) raise your home's cost basis and can reduce your capital gains tax when you eventually sell your home.
However, if you expect to move within a few years and are making improvements with resale in mind, be sure to make improvements that will increase your home's value, without making it the most expensive home on the block.
Before you decide whether to remodel, contact us. We can help you understand how much you might be able to sell your home for in today's market. There are buyers eagerly waiting to purchase a home like yours!