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Home Remodeling vs. Selling: What to Consider

Every home owner faces the choice at one time or another about whether it is best to sell or remodel their home. Many factors go into this decision.

First of all you have to decide how happy you are in your present location. Are you close to work? Is it a friendly community? Do the kids like their schools? What is the resale value of the home going to be? If you are basically happy with your location then home remodeling is likely your best option.

What Home Remodeling Projects Are the Best Investments?

First of all, you have to recognize that anything considered home maintenance rather than home improvement will not likely add significantly to the value of your home.

With that in mind, if you are considering installing replacement windows, you need to consider what you are replacing and why.

Will the replacement windows add a new dimension to your home? For instance, are the new windows of considerably better quality than the old ones? If so they can add to the value of your home.

Replacement windows are also fairly sound investments. The average middle of the market window replacement job costs $9,684 and gives a return of 89.6%. More on window replacements.

Kitchen remodeling project

Kitchen remodeling, including cabinet refacing is one of the highest return projects you can undertake.

The average cost of a minor kitchen remodeling job, which would include cabinet refacing, countertop replacement, and flooring replacement costs approximately $14,915 in 2007. Of that, you can expect to recoup 98.5% upon resale.

All in all, home remodeling should never be undertaken solely for the purpose of increasing your resale value. Kitchen cabinet refacing, exterior painting, finishing the basement, or adding an extra bedroom are all worthy projects. However, keep in mind that home remodeling is most worth while when you do it to enhance your living pleasure. More on kitchen remodeling.

SOURCE: CNN: "Renovation Wizard: Will this Renovation Project Pay Off?"

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