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REMODELING: |
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Will I get a return on my investment? In regard to real-estate, every situation is unique and dependent on many market variables. How much do you have invested in your current home? What are the current sale prices in your neighborhood? How old is your neighborhood? Are there any other remodels in your neighborhood? As you can see, it’s a bit hard to answer this question without a detailed analysis of your current situation. However, there are other types of returns on investment that might, in the end, make a real-estate return on investment not so significant. |
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If you love the current style of your home, neighborhood and commute to work, school, social activities, and retail locations, then remodeling should be a strong consideration. You already have a quality of life investment and remodeling can only enhance it! |
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Do you plan on being in your home 3 years or 20? of course, the longer you plan on being in your home, the more sense it makes to remodel. If you're going to be in one place for a while, you will want to make it perfect for your lifestyle and get a lot of enjoyment out of your investment. |
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The cost to move should be a significant consideration in your decision to renovate over building new. Realtor fees and commissions, taxes, transfer fees, title insurance, and moving company costs are just a few of the "non-return on investment costs" that can add up quickly; often costing significantly more than a remodel or addition. |
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