In the many homes I’ve shown sold and previewed, I always find it interesting to see what, if any, updates the owners have done. There are many opinions about what “should” be done and how much updates cost, but the really important piece of information is what is the homeowners Return on Investment (ROI). While I’m not certain I agree with the estimated costs in this article by Melissa Dittman Tracey of REALTOR(R) Magazine, I do think that the ROI’s will give you the Homeowner or Seller or even you the Buyer a perspective in pricing or offering price. And if a home isn’t as updated as you’d like, Buyers should have some general idea of what it will take to pay for what is important to them. Budgeting for updates is key. There are other resources online, but if you’re just beginning to think about it, this is a great start!
By Melissa Dittmann Tracey, REALTOR(R) Magazine
February 18, 2013
Home owners are investing in their homes once again, according to recent industry surveys that point to a strong rebound taking hold in home remodeling. Home owners also may be seeing higher gains from some of these remodeling projects at resale…