remodelingWith housing costs going still going down it’s less and less likely that you will get a good return on the house you own on the seller’s market. Homeowners are fretting left and right about their investment devaluing, making reselling a scary and stressful process. If it’s no longer profitable to move out of your own house, then the question that ought to be addressed is, ‘Do you really need to move?’
The most important step is calculating your selling, moving and buying expenses versus your estimated profit. This is the big turning point for many people; and where remodeling a home to fit your needs often becomes the more profitable and pleasant experience. All of those costs adding up will often be too much to make the move worth it.

Moving may not be as unprofitable as you may think. If you’re moving from a high property value area to a lower one, it may be quite easy to end up with extra money after all the transactions are finished. Find out what an ideal home will cost in the area you intend to move to. If you want to stay in your current area, remodeling will be a good idea, as your house value will now be higher than when you bought it.

However, if you have not lived there very long, or it’s a second residence, a hefty capital gains tax could sap much of your profit from the sale. Here is a handy calculator that should give you a good estimate of how much you may owe: http://www.moneychimp.com/features/capgain.htm. Check with your accountant to go over every detail about your financial situation.

Key improvements that have a universal appeal are stainless steel kitchen appliances (even refrigerator doors), hardwood floors, granite marble countertops, and energy efficient appliances and fixtures. Something that can save you a lot of money in the haggling stage (or even cut it out completely) is keeping up with maintenance. If a house appears to be in top condition, a buyer won’t have a reason make an offer a few thousand lower than your asking price.

Curb appeal is a large aspect to consider in remodeling, whether you intend to move or not. Updating or improving the siding on a home is a common path that will please you, your neighbors and your potential buyers. Installing handsome, weatherproofed siding is a safe bet.

If you wait to sell, but start remodeling now, this could easily turn around as the housing market starts going back up. It’s still in decline, but is slowly turning around. Last quarter has shown the most rapid slowing of the falling prices, and some regions have shown small gains. It will have a dual purpose- make living conditions in your home more enjoyable and make it ready as an upgraded sale item when and if you decide to move as the market improves.

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