Many of you have asked me this question recently. Often times when markets start to slow, folks decide that it is better to go ahead and make a few improvements to their existing house versus selling, with the intent of recapturing that investment when the market sways more in favor of sellers.
Recently, an averages report was released showing about how much jobs cost to complete, what the resale value is, and what percentage of the costs are recouped at sale. Remember that these are averages, based on 4,500 respondents across the country.
The chart to the right shows both national average and regional results. It is important to note that the data is based on retail pricing. If you are handy and doing the work yourself, the results will swing a little more in your favor.
Keep this information in mind as you are determining what to do with your current property. This information is also helpful when buyers are comparing properties for purchase.
Remember that I am here to assist you, your friends and your family that you choose to refer to me when it comes to buying and selling Real Estate.
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