Thinking of getting new windows, a roof, a room addition? Considering the cost of these items before you start remodeling is a smart way to compare products, contractors, and services. Why is this important?
Supply chain disruptions, material costs and skilled labor have increased due to the pandemic and other economic factors. Qualified laborers are in high demand, and that’s slowing down projects. Because of this, the data may vary based on where you live.
National perspective. Sorted by the highest return on investment, this chart ranks all 22 projects in the 2022 Cost vs. Value report.
Real Estate Agents know the market
Based on this article, real estate professionals were surveyed about the value of 22 projects that were underway in their area. Real estate agents have a pulse on the market. They keep watch of interest rates, marketing and neighborhood trends. They have information on what’s new in the neighborhood and what recently sold. Because they have a wealth of knowledge, experience and information it can save you time and money when considering remodeling or replacing items in your home, especially if you’re considering selling your house.
Millennials, value homes with spruced up exteriors, updated amenities, and modern appliances throughout. Growing families are interested in enhancing their lifestyle without adding on the cost of updating an existing home.
Homeowners who want to get the most for their home will consider what they could lose if they don’t update or remodel their homes. Some things never change, such as local market trends, curb appeal, updated kitchens and bathrooms. These are all winners to home buyers.
Even though interest rates continue to rise, we’re still in a seller’s market. If you decide to keep living in your residence, updating your house allows you to enjoy it until you decide to sell. Virginia Beach has a lot of older homes that have not been remodeled or updated, so this remodeling cost versus evaluation can give some insight between how much it would cost to update something in one’s house versus how much they would recoup if they sold the home.
WHAT IS VALUE?
There is more than one type of value. What a home buyer considers to be of value maybe somewhat different than what the homeowner perceives. If a homeowner takes a small bedroom and converts it into a bathroom, it would take away from some of the square footage but it may increase its value due to having another bathroom. Just like beauty is in the eye of the beholder, values is in the eye of the buyer and, more importantly, the appraiser.
In order to get a more accurate assessment of a home’s value should remodeling a home contact me about prices in your neighborhood.
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