Remodeling a Waste of Money?

6 Nov

In the grand tradition of sensationalism and generalization, MSN declares that remodeling your home is a waste of money. Arguably we’re biased but we politely disagree.

If you’re looking for a quick return on your dollar, pumping money into real estate has arguably never made a lot of sense. However, we’ve consistently found that homeowners reap a positive Return on Investment from home improvements because they evaluate more than the cost of the improvements vs. the short-term resale value.

Remodeling projects can make sound financial sense when the ROI calculation includes a value for improving day-to-day quality of life, factors in years of enjoying the improvements and when realistic costs are applied to the financial and emotional costs of moving (closing costs, transfer taxes, changing school districts, increasing commuting costs, leaving friends, etc.).

We do agree with one sentiment from the article:  if you want to remodel, do it right.

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/weston-remodeling-its-a-waste-of-money.aspx?pgnew=true#uc2Lst

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