JACKSONVILLE, Fla. -- Upgrading your home if you plan on selling it might not pay off as much as you think. Consumer Advisor Clark Howard tells you when it makes sense to remodel your home.
Home values have been rising in so much of the country. For years, people have been putting off maintenance and repairs to their homes because they thought, "Hey, it's never going to pay back".
Additions and renovations are something Americans just weren't doing for the last few years. Now it's back, and Americans are redoing kitchens and bathrooms, adding decks onto the homes. They're doing things that people traditionally did with homes, but now back with gusto!
So the question is, why do you do a renovation or an addition? To enjoy it. And that's a great reason, but reason you can't bank on is that you're going to make it back.
The average benefit for every dollar you put into home renovation is only 60 cents. So if you really don't like your home, because maybe the better thing is to go look for a new home and find somebody that will love living in your house, rather than pouring a lot of money into it.