Remodeling could greatly raise the quality of life for occupants of a building, however if you think remodeling is an investment, then you want to reconsider that.
Remodeling is rarely a sound monetary investment.
In one of the reports published by Remodeling Magazine, the majority of remodeling projects only increase the value of the building by 60-80 percent of the cost of the project and on the average none of the projects yielded any profit. Therefore upgrading your homes are more correctly categorized as consumer spending rather than as real investments, which typically has the possibility of yielding some positive returns.
Seeing that the report only gave the statistics based on averages, there is every possibility that some certain remodeling projects yielded some profits for the home owner(s). For instance nearly half of the time, adding a wooden deck to a mid-priced house situated on the pacific coast will increase its value and displace the cost of construction. And even the most reckless projects evaluated in the research, like buying a backup generator or adding a sun-room could yield profit although they rarely do. Additionally, remodeling projects are more probable to yield profits if they are done on houses considered low-priced for their neighborhood. But generally, you should carry out a remodeling project just for improving the quality of life for your household and not for investment purposes. So even though you’ll lose more than one third of what you expended on a family room extension, your family will enjoy the extension enough to make up for it.
Remodeling is rarely a sound monetary investment.
In one of the reports published by Remodeling Magazine, the majority of remodeling projects only increase the value of the building by 60-80 percent of the cost of the project and on the average none of the projects yielded any profit. Therefore upgrading your homes are more correctly categorized as consumer spending rather than as real investments, which typically has the possibility of yielding some positive returns.
Seeing that the report only gave the statistics based on averages, there is every possibility that some certain remodeling projects yielded some profits for the home owner(s). For instance nearly half of the time, adding a wooden deck to a mid-priced house situated on the pacific coast will increase its value and displace the cost of construction. And even the most reckless projects evaluated in the research, like buying a backup generator or adding a sun-room could yield profit although they rarely do. Additionally, remodeling projects are more probable to yield profits if they are done on houses considered low-priced for their neighborhood. But generally, you should carry out a remodeling project just for improving the quality of life for your household and not for investment purposes. So even though you’ll lose more than one third of what you expended on a family room extension, your family will enjoy the extension enough to make up for it.
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