For many sellers, remodeling seems like a great way to increase the value of their home and get a higher offer when they put it on the market.
But if you’re thinking of remodeling before you sell, you might want to rethink your strategy.
According to the 2017 Remodeling Impact Report from the National Association of Realtors®, of the 15 interior remodeling projects surveyed, only one recovered the entire value of the project—hardwood floor finishing—and a whopping 11 of the 15 recovered 65% of the invested value or less.
Now, if you’re looking to remodeling as a way to make your home a better fit for the long term, then it could be the right move. According to the report, 75% of owners had a greater desire to be in their home after a remodel, and 65% say they have increased enjoyment of their property.
If you’re looking for a return on investment, remodeling might not be an ideal way to spend your money. (Consult with a trusted local real estate agent before proceeding.) However, if you’re just looking to transform your home into a place you truly enjoy, remodeling might make more sense.