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Myth of Fact? Charlotte Homeowner Remodeling Myths Debunked

4 Charlotte Home Remodeling Myths Debunked

Myth or Fact?Home improvement shows tell you that you can add $20,000 to $40,000 to the value of your Charlotte home by doing a simple remodel on virtually any room or outdoor space.  While you can get a return on your investment for most remodeling projects, the increase to your home value is not always as high as the home improvement shows claim.

Myth #1:  If you put $20,000 into a kitchen remodel, your home’s value will increase by $40,000.

Fact:  The average kitchen remodel costs $40,000.  This is on a mid-range remodel, not a high-end remodel.  The average return you can expect is 80 to 95% or about $36,000 on a $40,000 remodel.

Myth #2: Updating a bathroom can add as much as $20,000 to your bottom line.

Fact:  The average bathroom remodel will net about a 70% return.  To gain the type of return some of the home improvement shows claim, you would need to add another bathroom to your Charlotte home.

Myth #3:  Hardwood floors return 100% of the money you invest in them.

Fact:  Hardwood will get you a big bang for your buck, but not every buyer wants the upkeep associated with hardwood.  Children and pets can be tough on wood floors.

Myth #4:  Adding an outdoor space will be counted as living space when you resell.

Fact:  Although outdoor space is wonderful, it is not considered living space by appraisers.  According to the American National Standards Institute (ANSI), the living space or square footage that counts in a home appraisal is the space above grade (ground) that is finished (has walls, floors, and ceilings), heated from the same source and all connected.  However, adding this space does give you a hefty return on investment.

For help on what to do to improve the resale value of your Charlotte home, give me a call at (704) 491-3310 or email me at Broker@TheCharlotteScoop.com.

 

     

Charlotte Real Estate Team - The Maxwell House Group

 

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Charlotte NC Real Estate Agents 

 

Charlotte CRS Agent


Debe Maxwell, Realtor®/Broker/CRS

RE/MAX Executive

CharlotteBroker@icloud.com
Direct:  (704) 491-3310

 

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Comment balloon 8 commentsDebe Maxwell, CRS • November 06 2011 10:43PM

Comments

These are great tips, Debe.  Everyone thinks that if they remodel they are going to recoup their money.  It may make the home more saleable, but they are probably going to lose a little on it.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) almost 7 years ago

Arizona has subterranean termites and most buyers stay away from hardwood floors preferring tile instead. It's always interesting to learn other market information.

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty, Sun City Grand in Surprise Arizona (Leolinda Realty) almost 7 years ago

Hi Debe.  Great stuff here.  I would agree w/ you that they over exaggerate.  From all the numbers I've seen, kitchens usually return 70% of your investment. Bathrooms tend to be same or a tad lower.  However, adding hardwood usually easily gives you a return on investment...I have read it improves the value 10% and doing the math on hardwood for your area, you usually double your investment.  (for refinishing floors most agents here tell me that you usually get triple your investment, but that one may be harder to measure.)

Now, I will admit that there may be some regionality involved, but for sure in the Northeast/mid Atlantic, adding hadrwood is so desired that it will improve your return.  (Not so with tile which costs more).  I would say carpet may be about breakeven, but it is clearly a negative in common spaces such as Living room/dining room (and fine for bedrooms).

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 7 years ago

Debe, great rehab facts for sellers and buyers to know about...in New England hardwoods are a must have for buyers and without them the price of the home will suffer when sold...good share...thanks!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) almost 7 years ago

These posts are funny to me because we get almost zilch here.  Big difference between our markets!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 7 years ago

Hi Debe,

 

Some great information for anyone involved in Real Estate

Thank You

Posted by San Antonio Texas New Homes for Sale (www.sanantoniotexasnewhomesforsale.com) almost 7 years ago

This is great information, not only for Charlotte NC homeowners, but for homeowners everywhere.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 7 years ago

Sad but true. HOWEVER, these updates will possibly make your house stand out compared to others and it could make the difference between a sale or not.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 7 years ago

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