Remodeling your home is very appealing to most homeowners. It is easy to think that you can add a lot of value to your home by spending some time and money on a fancy remodel, but unfortunately, this is not backed up by the facts. It is actually quite the opposite. Between 20% and 50% of the money you spend on a remodel is lost. That means that if your home was worth $100,000 before your remodel and you spend $10,000 on it, you will end up with a value between $105,000 and $108,000.
All that time and effort would be wasted. Of course, if you are doing the remodel only for your own benefit, you might see it being worth the money, but if you are doing it to sell your home, you should consider some other options to raise your home’s value. The best payout for work put into your home comes from repairs or something simple like painting or landscaping, since it can be done fairly inexpensively but improve the appearance of your home considerably.