Is it Worth it to Re-model Your Home?

Most homeowners go through a period of wanting to remodel their home. However, some remodeling costs can be so expensive that many homeowners question whether or not it’s worth when it comes time to sell their home. The three most common remodeling projects are bathrooms, kitchens, and basements.

According to a 2006 survey in Remodeling magazine, the average bathroom remodeling costs $12,918 and you should be able to recoup 84.9 percent of those costs when it’s time to sell. If you are looking for something a little more affordable, below are some other ways you can update your bathroom that won’t “break the bank”.
* Change sink and bath/shower fixtures
* Update or install new towel racks
* Paint
* Re-caulk tile walls and floors
* Update light fixtures
* Change toilet seat

If you are looking for an upscale remodeling of your kitchen, prepare to spend anywhere from $100,000 to $150,000. Of course without some type of home equity loan, most of us could not afford anywhere near that price. Fortunately for about $15,000 to $20,000 you can remodel your kitchen in a more modest way and recoup about 80.4% to 85.2% of the costs. Some common kitchen upgrades to consider are changing or re-staining cabinets, changing out cabinet handles, adding new light fixtures, installing tile flooring, and painting. Keep in mind that when you remodel your kitchen it is a place that you spend a lot of time in and you want it to not only be decorative but functional as well.

Out of the three most common home remodeling projects, basements recoup the least amount of money for you. The average costs are about $56,724 and only about 78.8 percent of the costs come back to you when you sell your home. Beware though of remodeling your basement into a spare bedroom. In some cities, special lighting is required if you plan on turning part of your basement into a bedroom, due to fire safety regulations.

Some other points to consider if you are thinking about remodeling are:
* How long do you plan to stay in the house?
* The approximate value of the home
* Would the room still be functional after it’s remodeled?

If you are still thinking about remodeling your home, do some research. Valuable information can be found at Remodeling, HGTV, and the National Association of the Remodeling Industry (NARI). Also, check around your local community. Some areas even offer DIY remodeling classes, that may save you money in the long run.

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