Something we hear often from our clients and potential clients is whether they should remodel their Grand Junction, CO home. As you can imagine, this is not a simple yes or no question. There are several factors that must be considered:
1. Do you plan on staying in the home for years?
The answer to this question really makes a difference. If you are in your dream home and want to retire and grow old there, then the question of whether you a remodel or not has little to do with increasing you equity or resale value, but more to do with comfort and atmosphere.
2. Looking to sell soon or flip the property?
In this situation you are definitely thinking return on investment and bang for your buck. If you are looking to flip a property then the money is best spent on the kitchen, master bath and cosmetics such as paint, floor coverings and landscaping.
3. Thinking about adding on?
Again, if you plan to stay there a while then ROI is not as much of a factor. If you plan to sell in the near future then it is a good idea to get a CMA from a trusted Grand Junction, CO Realtor who can add in the extra space and square footage and see what similar properties would sell for. A great example of good ROI would be adding an extra bath to a 3 bed 1 bath home. That extra bath would really give you home some extra value. Likewise, in a good solid neighborhood adding a new master-suite on to a 2 bed 2 bath could really get you some equity.
Rules to remember:
It’s never a good idea to over build or remodel your home out of the neighborhood. Being the biggest home with the nicest amenities makes it hard to sell and recapture the cost later.
By Andrea Haitz
CEO Diva Team