4 Charlotte Home Remodeling Myths Debunked
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.
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