If you find yourself
wondering what it would be like to have a larger kitchen, an extra bathroom or
even a main floor family room, you are probably wrestling with the dilemma: "Should
I renovate or just move?"
It is never easy to uproot your family and
move to a new home, especially if you have settled in and grown comfortable where
you are. This is why we are often tempted into overimproving our homes instead
of just moving to something that meets our changing needs. While it is difficult
to separate emotions and memories from financial considerations, it is often
helpful to step back and look at what sort of return you get when investing in
a major renovation.
The Appraisal Institute's most recent Renovation
And Home Value survey lists the 10 renovations that have the greatest financial
return at resale time. In a poll conducted annually, 200 appraisers nationwide
are asked to rank renovations by their return on investment. The results are
summarized as a percentage of the money spent on each renovation that a homeowner
can expect to recoup when they finally move.
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