Should we remodel or should we move?

Are you considering remodeling your home? Maybe you are trying to decide whether you should move instead. Well the latest statistics are in*. Before undertaking that major kitchen overhall or dropping a chunk of change into finishing off the basement, you might want to think about these numbers:

Project Cost Cost recouped percentage

Kitchen Remodel $21,000 $17,000 88%

Basement Finish $62,000 $40,000 65%

New Windows $11,000 $8,000 73%

New Siding $10,000 $7,900 77%

New Deck $10,500 $7.900 75%

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By looking at these numbers I think you will agree that undertaking large remodeling projects need to be considered carefully.

As a realtor we see it so many times where a seller can't understand why the $40,000 they just spent on a basement remodel only returned $15,000 to the bottom line. My suggestion is do it for the enjoyment and be prepared that the return on your remodeling budget on average will only bring back 50 to 80%.

What do you think? Is it easier to remodel or move?

Remodeling statistics provided by Remodeling Magazine