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Along with comfort, convenience, and aesthetic satisfaction, one of the main reasons people remodel their homes is to increase the value of the property. Sometimes the value goes up by as much as the cost of the remodel, and sometimes by even more, depending on where the house is, what shape it's in, and the quality of the work. How often does a dated bath or kitchen drive home buyers away? Often enough, say real estate agents. Real estate agents say even the least experienced home buyers pay attention to three features: the roof, mechanical systems, and the kitchen. Try selling a house with a seriously dated kitchen or bathroom and two things happen: The house stays on the market longer, and you get less money for it than you would for other houses in the same neighborhood. Often a lot less. Buyers seeking a fixer-upper are few. Most want everything finished. Fear of inconvenience The biggest fear people have about buying a house that needs work, however, is not the expense. Many sellers of such homes are willing to come down on price. Nor is it the reluctance to go out and find a remodeler, because some real estate agents--though not all--will suggest a contractor, or several, who can be relied on to perform the renovations and deliver quality work. The real fear, is the inconvenience of living through a major remodel, especially after the hassles of moving. What will a remodeling project add to the value of
your client's home? This year's study includes cost and value figures for 10 popular remodeling projects in 60 markets. Of all projects included, the minor kitchen remodel would likely contribute most to home value, returning a national average of 88 percent of cost. The home office, which seems to lack universal appeal, yields the least return--55 percent nationally.
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