Remodeling doesn't always show significant returns, study says
When you go to put your home on the MLS Listings in Philadelphia, PA, you might want to consider how staging the inside of your house may prove to be more beneficial than actually remodeling its structure.
According to a recent report issued by Remodeling magazine, the sluggish housing market has decreased a renovation's return on investment. In fact, the overall average cost-to-value ratio dropped to 57.7 percent from its peak in 2005 of 86.7 percent. While you may try and improve the worth of your property by investing in a new room, there is no guarantee that the remodel will help your home sell faster and for a higher price. Another property just down the street, without renovations, could potentially sell quicker and for more money.
Therefore, when selling your property in Philadelphia, you might want to spend more time staging the interior to make it easier for prospective buyers to envision themselves in the home. Designing rooms to resonate with prospects may be a more successful way of promoting your home on the marketplace, and buyers may be more interested in homes that look welcoming, rather than ones with new features and sterile spaces.