Unlike a new home, the Cost for your Remodel/Addition needs to be evaluated to see if it’s worth the investment.There are a number of factors involved in this decision and we will briefly discuss on the major ones. Since the cost per square foot for Remodel/Addition projects are more than for new homes, it may help to speak with a qualified realtor to help you evaluate the cost of your proposed project and what type of increased value you can expect to realize from your investment.
One of the first things you need to determine is if your existing house is where you want to live for the next fifteen to twenty years. Depending on the the cost of your Remodel/Addition, that is how long it usually takes to pay for the improvements whether you take out a new loan or refinance an existing mortgage.
If you decide that you love your home and the costs are realistic, then you need to look at your neighborhood. Although your neighbors, the quality of the schools, and the convenience to shopping and services are factors, you first need to look at the value of the surrounding houses. How does the cost of your existing house (market value) compare with the rest of the neighborhood? If you make the improvements will you still be comparable to other houses in the area or will you be the most expensive house in the area?
Let Prairie States Inc help you with your proposed Remodeling/Addition Project and determine if it’s a good investment. Contact us at prairiestates@sio.midco.net to discuss the Professional Services provided by Prairie States Inc.
