What to Do with a House You Can’t Sell
Economic uncertainty has made selling a home in today’s market a shaky proposition. For those who were planning to sell but have decided to put it off for a few years, here are our picks for the best projects to make your current home feel new!
You Want to Sell Because You Don’t Have Enough Room
This is one of the most common reasons to sell a property. Families grow, belongings accumulate, but your living space stays exactly the same. If the market’s got you thinking that now is NOT the time to sell, a basement or attic remodel can increase your living space without the expense of a traditional addition.
According to Remodeling Magazine’s 2007 Cost vs. Value Report, family room, master suite, and second story additions average $78,989, $98,863, and $139,297 respectively. Compare those figures to basement remodels ($59,435, which includes a bathroom) and attic bedroom remodels ($46,691, also includes a bathroom), and it’s easy to see what a bargain remodeling existing space really is!
You Want to Sell Because You Have Too Much Room
On the other end of the spectrum, some homeowners whose kids have grown up and moved out might not need all the space they have. Instead of moving, creating a separate living space to rent out can bring in some extra income while simultaneously reducing your living space to something more manageable.
A project like this often involves putting up some new walls (ServiceMagic puts the national average for drywall installation at $2,150). In some cases, adding a new bathroom ($37,202 according to Remodeling Magazine) may also be beneficial.
You Want to Upgrade
Sometimes it’s not the size of the house but its quality that makes homeowners decide to sell. Moving might eliminate the inconvenience that comes with remodeling, but remodeling is certainly the most direct approach to a more appealing environment (not to mention that, in many cases, the new house has some headaches of its own). Instead of moving to a posher place, upgrading your current house might be a better option.
Outside, consider re-siding with fiber-cement (Remodeling’s estimate: $13,212) to boost appearance, increase your property value, and give you an exterior that will last for 50 years. For the inside, install hardwood flooring (ServiceMagic’s average: $5,106) or install a brick or stone fireplace (SM’s average: $2,937).
You Want to Live in a Different Neighborhood
For some, the decision to sell a house stems from a desire to live in a better neighborhood. While remodeling can’t change the location of a house, many neighborhoods have been improved simply because the properties there have been remodeled. Of course, you can’t force your neighbors to remodel along with you, but everyone knows that keeping up with the Jones’s can be a big motivator. In many major cities across the country (including, but certainly not limited to Austin, TX’s east side, Philadelphia, PA’s south side, many parts of Manhattan, and numerous areas of LA) collective remodeling has taken neighborhoods that might not have been appealing to new families and turned them into places people are proud to call home!
