How To Guarantee A Positive Return Of Investment When Remodeling
Falling home prices and higher interest rates have made it hard to borrow against home equity. And, doubts about when the market will hit bottom has left many hesitant to spend money they may not recoup. Contractors who once had backlogs of a year or more now find themselves with only a few projects in the pipeline. Subcontractors, facing a slowdown in new-home construction, are looking for remodeling jobs.
Experts say that a typical homeowner should expect to recoup more of the cost of a midrange version of a remodeling project than an upscale version. Rebuilt kitchens and bathrooms show the most promise for good returns.
Most current trends suggest that bigger is better. Remodelers are knocking down walls to replace little-used formal dining rooms and guest rooms with expanded kitchens and bathrooms.
